The American Bankers Association today joined three other banking associations in requesting that the Office of the Comptroller of the Currency extend the public comment deadline for a proposed rule to implement payment stablecoin legislation, saying the potential ramifications for banks merited a deliberative approach.
The OCC last month released a nearly 400-page proposed rule to implement the Genius Act and requested feedback on more than 200 questions, many of which were multipart. The agency gave the public 60 days to comment on the proposal. In their letter, the associations said that 60 days were insufficient given the size and scope of what is being proposed. They asked for a “modest extension.”
“The [notice of proposed rulemaking] could have serious and significant implications for financial institutions and the financial system more broadly,” they said. “Our associations, representing thousands of financial institutions, need additional time to properly analyze the NPR and provide useful input.”
The associations also asked the OCC to coordinate with the Federal Reserve, FDIC and National Credit Union Administration to ensure that the requirements for payment stablecoin issuers are similar among federal regulators.
