Banking groups, including the American Bankers Association and the Bank Policy Institute, have requested the Treasury Department to extend the comment period for the implementation of the stablecoin regulation act, 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 separate regulatory work by the Office of the Comptroller of the Currency (OCC) is completed. Currently, the OCC is developing regulations for supervising stablecoin issuers, which is considered a key factor that will influence the regulatory directions of the Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). The 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 should be made."
