ABA Joins Request for Extended Genius Act Comment Period
Summary
The American Bankers Association joined three banking sector associations in requesting that the Treasury Department and FDIC extend the comment deadlines for three proposed rules implementing the Genius Act to 60 days after the OCC issues its final rule. The associations argue the proposals are substantively interdependent and a fragmented comment process with staggered deadlines will undermine regulatory consistency.
Stablecoin issuers and banks with digital asset programs should monitor OCC rulemaking timelines closely. The request for a unified 60-day extension after OCC finalization means the comment deadlines for Treasury, FDIC, and FinCEN/OFAC proposals will be driven by the OCC's pace. Firms developing AML/sanctions compliance frameworks for stablecoin activities should align their internal review cycles with the OCC final rule timeline rather than the initial FinCEN/OFAC proposal dates.
What changed
ABA, representing the American Bankers Association, has formally joined three other banking sector associations in submitting a joint request to the Treasury Department and FDIC. The request asks that public comment periods for three proposed rules implementing the Genius Act be tied to and extend until 60 days after the OCC issues its final rule on nonbank stablecoin issuer regulation.
Affected parties include banks, stablecoin issuers, and financial institutions engaged in digital asset activities. The request identifies the three interdependent proposals as: a Treasury rule on state regulatory regime equivalence, a FDIC rule on stablecoin issuer requirements and standards, and a joint FinCEN/OFAC rule on AML and sanctions compliance for stablecoin issuers. The associations warn that staggered, compressed comment deadlines across interdependent proposals will undermine the agencies' own stated goal of regulatory consistency.
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April 21, 2026 Reading Time: 1 min read The American Bankers Association today joined three banking sector associations in requesting that the Treasury Department and FDIC tie the public comment period for three proposed rules to implement the Genius Act to the issuance of a final rule on the matter by the Office of the Comptroller of the Currency.
The OCC will be the primary regulator of nonbank stablecoin issuers under the Genius Act. Earlier this year, the agency proposed rulemaking to implement the law, which has yet to be finalized. The associations requested that the Treasury Department and FDIC extend the comment deadlines for their rules to 60 days after the OCC issues its final rule. The three proposals are:
- A Treasury Department rule for determining whether a state’s regulatory regime is substantially similar to the federal regulatory regime, so that stablecoin issuers can be regulated by the state
- A FDIC rule on requirements and standards for agency-regulated stablecoin issuers and banks.
- A joint Financial Crimes Enforcement Network/Office of Foreign Assets Control rule on anti-money laundering and sanctions compliance for stablecoin issuers. Both agencies are part of the Treasury Department. The three proposed rules are “substantively tethered to the OCC’s proposed rule,” the associations said.
“Our comments on any one of the Genius Act [proposed rules] will necessarily be more comprehensive, and therefore more useful to the agencies, if we have sufficient time to evaluate the proposed rules together and to evaluate each against the finalized OCC framework,” they said. “A fragmented comment process with staggered, compressed deadlines across interdependent proposals will undermine the agencies’ own stated goal of regulatory consistency across the Genius Act implementation framework.”
Tags: Anti-money laundering Cryptocurrency Digital assets FDIC FinCEN Genius Act OCC OFAC Sanctions Stablecoin Share Tweet Pin
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