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Crypto
BlackRock urges changes to GENIUS Act implementing rules amid differences with OCC
BlackRock has urged the U.S. Office of the Comptroller of the Currency to withdraw a provision that would cap tokenised assets at 20 percent of stablecoin reserve assets, saying the limit is unnecessary. It said reserve-asset risk should be judged by liquidity, maturity and credit quality, not whether assets are tokenised. BlackRock also asked for clarity on what qualifies as eligible reserves, including whether Treasury ETFs qualify, and proposed adjustments to diversification options in the draft rules.
Crypto
U.S. banking industry asks to delay comment period for follow-up rules under \'GENIUS Act\'
The U.S. banking industry has asked regulators to delay the public comment period for three follow-up rules under the stablecoin regulation known as the \'GENIUS Act\'. CoinDesk reported that U.S. banking groups sent a letter this week to the Treasury Department and the Federal Deposit Insurance Corp, seeking at least 60 additional days for comment after rules tied to the Office of the Comptroller of the Currency are completed.
Crypto
U.S. banking lobby seeks delay to GENIUS Act rollout amid stablecoin rulemaking hurdles
The American Bankers Association is seeking more time to submit comments as U.S. agencies draft rules to implement the GENIUS Act, a stablecoin bill. It asked the Treasury Department, the FDIC, FinCEN and OFAC to extend deadlines and to allow 60 more days after the OCC issues final rules. The law takes effect 120 days after final rules or 18 months after enactment, whichever is earlier.
