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Banks Fight GENIUS Act Rules to Force Stablecoin Alignment
Banking groups demand a pause on GENIUS Act comment periods until the OCC framework is set. Agora’s federal charter bid remains the next major catalyst.
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Major US banking trade groups have formally requested that the Treasury Department and the FDIC pause three separate rulemaking comment periods associated with the GENIUS Act. The industry coalition argues that these regulatory processes should remain suspended until the Office of the Comptroller of the Currency (OCC) finalizes its primary stablecoin framework. This pushback centers on the concern that fragmented regulatory standards could create conflicting compliance burdens for traditional financial institutions attempting to integrate digital asset services.
Regulatory Sequencing and Industry Pushback
The request for a pause highlights a growing tension between legacy banking entities and emerging digital asset policy. By seeking a delay, these trade groups aim to ensure that the eventual GENIUS Act implementation aligns with the broader supervisory expectations set by the OCC. The industry preference is for a unified regulatory environment that prevents overlapping mandates from the Treasury and the FDIC. Without a synchronized approach, banks fear that the cost of compliance will outweigh the potential utility of stablecoin issuance or custody services.