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Four major banking trade groups just asked @USTreasury, @FDICgov , @FinCENnews , and OFAC to pause their GENIUS Act comment deadlines until the OCC issues a final rule.
The ask is not credible, and the agencies should reject it. @SecScottBessent
The ABA, BPI, CBA, and ICBA are among the most sophisticated, best-resourced advocacy organizations in Washington. Their regulatory affairs teams have been tracking stablecoin legislation for years - and I know some of them! They are really smart and hardworking! They do not need more time to understand these proposals. They need a delay, and they have dressed it up as a procedural request. Can't blame them for trying though!
Here's what everyone should understand: crypto companies — smaller, less-established, working with a fraction of the budget — are pouring their comparably modest resources into filing substantive comments on time. Because they want a workable regulatory framework and they understand that getting there requires actually engaging the process.
The concept of "coordinated regulation" as a reason to wait is nothing new. But we should all observe that coordination happens most effectively through interagency process — which is precisely what this rulemaking is about — not by suspending comment periods pending someone else's final rule.
Congress passed the GENIUS Act because this market has gone too long without legal clarity. Builders, issuers, and users deserve rules they can follow. The agencies should hold the line on their deadlines, take the comments they receive, and get this done. The constituency of these banking trade associations will also benefit.
Bank lobby foot-dragging helps no one. But again, I completely understand the effort - it's just the wrong approach.
CoinDesk@CoinDesk
NEW: The U.S. banking industry is asking for a pause on GENIUS Act comment periods for several stablecoin regulations until the Office of the Comptroller of the Currency finishes its effort. @jesseahamilton reports.
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