Comptroller of the Currency Jonathan Gould said the OCC will have a GENIUS Act final rule out by November.
Details: Speaking at a blockchain symposium in Wyoming, Gould also said the OCC was working on the rule even before President Donald Trump actually signed the bill into law.
ICBA View: ICBA last week told the OCC to finalize the reporting regime for the GENIUS Act only after the core regulatory framework is complete and to coordinate with other regulators to avoid inconsistencies.
Advocacy:
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In recent letters to federal banking regulators and the National Credit Union Administration, ICBA called for greater interagency coordination on GENIUS Act rulemaking.
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ICBA last month called on the FDIC to adopt a strict payment stablecoin framework.
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ICBA in May urged the OCC to strengthen its proposed GENIUS Act rules to protect against stablecoin risks.
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ICBA and other groups in May called on regulators to recognize and address several key risks in their first report on payment stablecoins.
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ICBA and other groups in April asked the FDIC and other agencies to extend the comment periods for their respective GENIUS Act proposals because the proposals rely on unfinished GENIUS Act regulations from the OCC.
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ICBA in November sent key principles for payment stablecoin supervision in a letter to Treasury regarding implementation of the GENIUS Act.