US Bankers Demand 60-Day Pause on Stablecoin Rules to Align with OCC Framework

Banking Groups Seek Delay to GENIUS Act Stablecoin Rules

On April 22, the American Bankers Association (ABA) and three other banking trade groups formally requested the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) to postpone public comment deadlines for three proposed rules under the GENIUS Act. The associations argued that these rules are “substantively tethered” to the Office of the Comptroller of the Currency’s (OCC) pending regulatory framework for nonbank stablecoin issuers.

The banking groups proposed delaying the comment periods until 60 days after the OCC finalizes its framework. This request could effectively delay the law’s implementation by several months, as the GENIUS Act’s effective date hinges on the completion of final regulations.

Why the Delay? Regulatory Consistency Concerns

The GENIUS Act, enacted last year, established a federal baseline for stablecoin issuance but requires additional administrative rules to take effect. The OCC is the primary regulator for nonbank stablecoin issuers under the law, and its framework remains pending. The banking associations warned that overlapping federal proposals—including:

• A Treasury Department rule assessing state regulatory equivalence to federal standards;
• An FDIC rule outlining requirements for agency-regulated issuers and banks; and
• A joint Financial Crimes Enforcement Network (FINCEN) and Office of Foreign Assets Control (OFAC) directive on anti-money-laundering and sanctions compliance—

would create a fragmented comment process with staggered deadlines. They argued that stakeholders need the OCC’s finalized framework to provide comprehensive feedback on all interdependent proposals.

“A fragmented comment process with staggered deadlines across interdependent proposals would undermine the goal of regulatory consistency.”

— American Bankers Association and other banking trade groups

Potential Impact on Stablecoin Implementation

Under the GENIUS Act, the law takes effect either 120 days after final regulations are issued or 18 months after enactment. By tying the Treasury and FDIC timelines to the OCC’s delayed schedule, the banking sector is attempting to slow the deployment of regulated, nonbank stablecoin infrastructure. The practical effect could be a significant delay in the law’s activation.

Broader Fight Over Stablecoin Rewards

The push for a delay comes as traditional banks intensify efforts to limit stablecoin rewards in the Digital Asset Market Clarity Act (CLARITY), a separate bill under consideration in the Senate. This dual-front strategy reflects banks’ concerns over stablecoins competing with traditional deposit-funded lending models.

Commercial lenders argue that allowing stablecoins to function as yield-bearing cash alternatives poses a structural threat. They warn that such arrangements could divert capital from traditional bank deposits, disrupting the credit system that relies on deposit-funded lending.

Related Reading: Treasury’s first GENIUS rule tightens Washington’s grip on who can scale stablecoins. The proposal limits states’ roles while pushing large stablecoin issuers toward federal oversight. Published: April 2, 2026. Author: Gino Matos.