ICBA groups request Treasury comment extension on GENIUS Act

ICBA and other groups called on the Treasury Department to extend the 30-day comment period for its advance notice of proposed rulemaking on the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

Request for Extension: In a joint letter, the groups said the notice poses nearly 60 foundational questions across a wide range of complex and interrelated topics and that a longer comment period would allow stakeholders to gather meaningful input.

About the Treasury Notice: In its ANPRM released last week, Treasury said the GENIUS Act tasks Treasury with issuing regulations that encourage innovation in payment stablecoins while providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks, and address financial stability risks. Comments are due by Oct. 20.

Recent ICBA Advocacy: ICBA and other groups last month called on Congress to strike Section 16(d) of the GENIUS Act, which allows any state-chartered uninsured depository institution with a stablecoin subsidiary to perform traditional money transmission and custody activities nationwide through that subsidiary.

What It Means for Community Bankers: ICBA offers:

• A summary of the GENIUS Act for community bankers that includes insights on the regulatory framework for payment stablecoins, policies on bank issuance, and more.

• An on-demand community banker briefing on the GENIUS Act and other digital asset policy developments.

• A Main Street Matters blog post from ICBA President and CEO Rebeca Romero Rainey on what the law means for community banking and how ICBA has helped shape stablecoin policy.