Banking industry groups, including the American Bankers Association and the Bank Policy Institute, have requested the Treasury Department to extend the comment period regarding the implementation of the stablecoin regulation bill, GENIUS. According to CoinDesk, they asked to extend the deadline for submitting comments on three regulatory proposals related to the GENIUS Act, and specifically requested a minimum of 60 days of additional review time after the Office of the Comptroller of the Currency (OCC)'s separate regulatory work is completed. Currently, the OCC is preparing regulations for supervising stablecoin issuers, which is considered a key factor that will also influence the regulatory direction of the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) under the Treasury Department. Banking groups emphasized, "Since the direction of stablecoin regulation has not yet been finalized, sufficient review time is needed, and because OCC standards can affect other regulations, a comprehensive judgment reflecting this must be made."
