ICBA, others request extension of comment period for GENIUS Act proposal

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:

• The OCC should extend the comment period by 60 days, for a total comment period of 120 days after publication in the Federal Register.

• 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.

• The proposed rule could have serious and significant implications for financial institutions and the financial system more broadly.

• 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.