ICBA and other groups requested that the OCC extend the deadline for public comments on its proposed rule on implementing GENIUS Act provisions on issuing payment stablecoins.
Details: In a joint letter to the OCC, ICBA and the other groups said:
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The OCC should extend the comment period by 60 days, for a total comment period of 120 days after publication in the Federal Register.
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The existing 60-day comment period is insufficient to effectively examine and comment on 376 pages of material, over 200 questions, and more than 1,000 sub-questions.
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The proposed rule could have serious and significant implications for financial institutions and the financial system more broadly.
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Banking groups need additional time to properly analyze the NPR and provide useful input.
Background: The OCC last month requested comment on a proposed rule to implement provisions of the GENIUS Act regarding the issuance of payment stablecoins.
FDIC Proposed Rule: The FDIC last month announced a 90-day extension of the comment period for its proposed rule on application procedures for FDIC-supervised institutions seeking to issue payment stablecoins, following an extension request from ICBA and other groups.
ICBA Principles: ICBA in November sent key principles for payment stablecoin supervision in a letter to the Treasury Department regarding implementation of the GENIUS Act.