Bankers Ask Treasury to Extend GENIUS Act Rule Comment Deadline

The American Bankers Association together with 52 state Banker's Associations asked Treasury to extend the comment deadline on its proposed stablecoin rule until after the OCC finalizes its GENIUS Act rulemaking. 

The Associations told Treasury that its proposed rule - which sets the principles for determining whether state stablecoin regulatory regimes are "substantially similar" to the federal framework - is directly contingent on OCC regulations that do not yet exist in final form. The Associations pointed out that Treasury's own proposal defines the "Federal regulatory framework" against which state regimes will be measured as including OCC interpretations and regulations, and that Treasury itself acknowledged the OCC rule may change before finalization and that Treasury may need to adjust its own text accordingly. Comments on Treasury's proposal are currently due by June 2, 2026. The Associations asked for a 60 day extension.

The Associations also highlighted the ambiguity contained in the GENIUS Act's requirement that state payment stablecoin regulators submit an initial certification of substantial similarity no later than one year after the Act's effective date. The Associations asked Treasury to clarify that states will not be penalized for submitting certifications after that deadline, or alternatively to permit states to submit a status report on their regulatory efforts by the one-year mark. They added that such clarification is important to assure states that Treasury granting a comment period extension will not adversely affect their ability to meet statutory requirements.