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Four banking associations are looking to pause the rulemaking process for the\u00a0GENIUS Act<\/a>\u00a0until one of the relevant final rules has been issued.<\/p>\n The\u00a0American Bankers Association<\/a>\u00a0(ABA),\u00a0Bank Policy Institute<\/a>\u00a0(BPI),\u00a0Consumer Bankers Association<\/a>(CBA) and\u00a0Independent Community Bankers of America<\/a>\u00a0(ICBA) made this request in a Tuesday (April 21)\u00a0joint letter<\/a>\u00a0addressed to the\u00a0Treasury Department<\/a>,\u00a0Federal Deposit Insurance Corporation<\/a>\u00a0(FDIC),\u00a0Financial Crimes Enforcement Network<\/a>\u00a0(FinCEN) and\u00a0Office of Foreign Assets Control<\/a> (OFAC).<\/p>\n In their letter, the banking groups said that while these organizations have issued their respective notices of proposed rulemaking (NPRMs) for the GENIUS Act, the\u00a0Office of the Comptroller of the Currency<\/a>\u00a0(OCC) has not yet issued its final rule after its NPRM earlier this year.<\/p>\n They asked the organizations to extend the deadline for public comments on their respective NPRMs to 60 days after the OCC issues its final rule implementing the GENIUS Act for the entities that are subject to its jurisdiction.<\/p>\n The associations added that each of the NPRMs refers to the OCC\u2019s framework, and are \u201csubstantively tethered\u201d to it, although it has not yet been finalized. The OCC\u2019s proposed rule was published in the Federal Register on March 2 and is open for comment until May 1.<\/p>\n \u201cThe public is entitled to the opportunity to review coordinated proposals together, particularly to assess whether the agencies are proposing consistent, risk-based approaches and to identify any divergences or gaps that warrant attention,\u201d the banking associations said in the letter. \u201cA comment period extension calibrated to the finalization of the OCC\u2019s rule would allow all interested parties to submit integrated, holistic comments across the full body of implementing rulemakings.\u201d<\/p>\n Advertisement: Scroll to Continue<\/p>\n<\/div>\n The GENIUS Act became the country\u2019s first-ever piece of\u00a0crypto legislation<\/a> when President Donald Trump signed it into law in July. PYMNTS reported at the time that the long-awaited policy framework could signal a new era for crypto in the U.S., or at least for the stablecoins the GENIUS Act was written to regulate.<\/p>\n