U.S. bank trade groups are trying to slow the first wave of GENIUS Act implementation, turning a stablecoin policy fight into a sequencing fight.

What changed

The American Bankers Association said it joined three other banking groups in asking the Treasury Department and the FDIC to extend comment periods on multiple GENIUS Act rulemakings. According to ABA Banking Journal, the associations want the deadlines moved to 60 days after the Office of the Comptroller of the Currency issues its final stablecoin rule.

That request lands while several proposals are already open. An FDIC proposal approved on April 7 and published in the Federal Register on April 10 would set prudential standards for FDIC-supervised permitted payment stablecoin issuers, including rules on reserves, redemption, capital, risk management, custodial services, and deposit-insurance treatment. A separate FinCEN/OFAC joint proposed rule published the same day would impose anti-money-laundering and sanctions compliance requirements on permitted payment stablecoin issuers. Both comment periods run through June 9, 2026.

Why it matters

This is not a direct challenge to the GENIUS Act so much as a fight over implementation order. The banking groups argue the Treasury, FinCEN, OFAC, FDIC, and OCC efforts are interdependent, so reviewing them on staggered timelines could produce an inconsistent framework.

The conservative takeaway is that stablecoin policy is moving into a slower and more technical phase. For issuers and banks, the next fight is less about whether federal oversight is coming and more about which agency sets the pace.