A 15-day extension of the comment period was presented for public inspection for the advance notice of proposed rulemaking issued recently by the Treasury Department regarding the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins — or Genius — Act. The extension will be published in the Federal Register on Oct. 1. The change gives the industry a total of 46 days from the original date of publication in the Federal Register to provide feedback. The notice was originally posted in the Federal Register on Sept. 19.
The additional time falls a little short of recent industry requests for an extended review period. The American Bankers Association, along with seven other banking trade groups, had recently petitioned the agency for a 60-day extension. “The ANPRM poses nearly 60 foundational questions across a wide range of complex and interrelated topics, including regulatory clarity, issuer requirements, illicit finance, foreign comparability, taxation, insurance and economic data,” the associations wrote in a letter to Treasury.
“These questions touch on core elements of a future regulatory framework for payment stablecoins and digital asset service providers, and will have significant implications for financial institutions, consumers and the broader digital asset ecosystem,” the groups wrote. “Given the breadth and depth of the issues raised — and the importance of providing Treasury with thoughtful, data-informed, and actionable feedback — we believe that a 30-day comment period is insufficient. A longer comment period would allow stakeholders to engage with member institutions and experts to gather meaningful input.”
