Banks seek to slow down implementation of crypto's GENIUS Act on stablecoin oversight
CoinDesk
U.S. banking trade associations are requesting extended comment periods for GENIUS Act rule proposals to better understand complex regulatory interactions.Summary
A coalition of U.S. banking groups, including the American Bankers Association and the Bank Policy Institute, has requested that the Treasury Department and the FDIC extend comment periods for rule proposals related to the GENIUS Act. The banks argue that current stablecoin regulations across various agencies are overlapping and complex, requiring them to wait for the Office of the Comptroller of the Currency's framework to be finalized before providing comprehensive feedback. They contend that a staggered, extended timeline is necessary to fully assess how these interrelated rules will function in practice before the 2027 implementation deadline.
(Source：CoinDesk)