The American Bankers Association today joined four other associations to request that the FDIC push back the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary.
The FDIC issued the proposed rulemaking in December to begin implementing the Genius Act, which created a regulatory framework for payment stablecoins. However, in their letter, the associations noted the agency has yet to issue a separate proposal to implement the law’s capital, liquidity, risk management and other prudential requirements. The groups also said they needed more time to consider how the proposal would interact with dozens of other rulemakings that other agencies will issue to implement the Genius Act.
“We appreciate the FDIC’s effort to undertake this rulemaking quickly, but this regulation and the related ones required to be issued by other agencies can effectively achieve Congress’ policy goals only if affected parties are given the opportunity to thoughtfully consider all required rulemakings applicable to payment stablecoins holistically,” they said.
Comments on the FDIC proposed are currently due Feb. 17. The associations asked that the deadline be pushed back by either 60 days or 30 days after separate rulemaking is issued to address the capital, liquidity, risk management and other requirements.
