The National Credit Union Administration should coordinate with the banking agencies to ensure that Genius Act implementation is substantially similar among all federal payment stablecoin regulators, the American Bankers Association and three other banking sector associations said today.
The NCUA, FDIC, Federal Reserve and Office of the Comptroller of the Currency are currently considering rulemaking to implement the Genius Act, which created a regulatory framework for payment stablecoins. In a joint letter, the associations said that as the various agencies establish regulations, they need to ensure that any framework does not create an uneven playing field “or opportunities for regulatory arbitrage, unintended policy consequences, or unworkable or incongruous requirements.”
“The primary federal payment stablecoin regulators therefore should repropose for comment any aspects of their respective proposals that are inconsistent or in conflict with one another to ensure that the comprehensive regulatory framework implementing the Genius Act is appropriately robust, transparent and consistent across the various agencies with rule-writing authority under the statute,” ABA said.
The associations also urged the NCUA to coordinate with the Treasury Department and other agencies to ensure compliance with Bank Secrecy Act and sanctions laws. Finally, they urged the agencies to align their various public comment deadlines on the proposed rules.
