US Banking Groups Request Delay on GENIUS Act Proposals

US banking groups have approached the Treasury Department and the Federal Deposit Insurance Corp. to postpone the comment deadlines for three GENIUS Act proposals. According to NS3.AI, the request was made on April 22, suggesting a delay until 60 days after the Office of the Comptroller of the Currency finalizes its framework. This move could potentially postpone the federal stablecoin rollout by several months. Additionally, banks are urging Senate lawmakers to impose stricter limits on stablecoin rewards as part of the CLARITY Act.