US Banking Association Seeks Extended Timeline for Stablecoin Bill Commentary

Banking group asks for more time to comment on US stablecoin bill

The American Bankers Association (ABA) has petitioned federal regulators for an additional 60-day window to submit comments on regulatory measures tied to stablecoin legislation, a move that could postpone implementation efforts by up to two months.

In correspondence sent Tuesday to the Treasury Department, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), and the Treasury's Office of Foreign Assets Control, the ABA urged officials to extend the public comment period regarding rules for the GENIUS Act. This stablecoin payments legislation received presidential approval in July 2025. The banking organization contended that the proposed rulemaking by competing agencies was heavily reliant on determinations made by the Office of the Comptroller of the Currency (OCC).

"The FDIC has stated explicitly in its [notice] that it 'has endeavored, in many areas, to align this proposed rule with the OCC's proposed rule, to the extent relevant,' and specifically invites comment 'on the extent to which the primary Federal payment stablecoin regulators should further align in their final rules to promote consistency of regulations applicable to all PPSIs subject to the GENIUS Act.'"

According to the ABA's written statement, providing substantive feedback on regulatory alignment would be impractical without access to the OCC's finalized regulatory framework.

Implementation Timeline and Legislative Requirements

Following President Donald Trump's signature on the stablecoin bill in July, responsibility for executing the legislation has shifted to federal agencies including the FDIC and Treasury, which are tasked with completing their respective regulatory frameworks. The law stipulates that enactment will occur either 120 days following the publication of final regulations or 18 months after the legislation's passage, whichever occurs sooner.

Broader Regulatory Debates

Beyond its position on the GENIUS Act, the ABA has engaged in ongoing policy discussions surrounding a separate cryptocurrency market structure bill that could potentially influence the regulatory classification of stablecoin yields. Previously last week, the association disputed findings from a White House assessment that indicated eliminating stablecoin yield products would generate only negligible economic consequences for banking institutions.

As of Wednesday, Senate members had not disclosed an agreement permitting the CLARITY Act—which advanced through the House of Representatives in July—to progress to a floor vote. Reports indicate that North Carolina Senator Thom Tillis recommended on Monday that Senate Banking Committee Chairman Tim Scott consider scheduling committee markup sessions in May, a development that could further delay full chamber consideration of the measure.