US banks push delay on GENIUS Act rules

US banking groups have urged regulators to delay comment periods on stablecoin rules under the GENIUS Act until key guidance from the Office of the Comptroller of the Currency is finalised.

The coalition, including the American Bankers Association, said proposals from the Treasury, Federal Deposit Insurance Corporation and other agencies depend heavily on the OCC’s pending framework.

“All the efforts are ‘directly contingent on the OCC's final framework,’”

The banking groups said, adding that:

“The rules represent a body of regulatory work of extraordinary scope and complexity.”

The groups requested at least a 60-day extension after the OCC finalises its rule, arguing additional time would allow for more comprehensive and useful feedback across interconnected proposals.

The GENIUS Act, designed to establish a national framework for stablecoin oversight, is expected to be implemented by 2027, though timelines could shift if delays are granted.

The regulatory push involves multiple agencies, including the Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network, highlighting the complexity of coordinating oversight across the financial system.

Banking groups are also engaged in broader policy debates over crypto regulation, including ongoing discussions that have slowed progress on separate market structure legislation in Congress.