The FDIC announced today that it will push back the deadline for comment on its proposal to create a process through which banks can seek agency approval to issue stablecoins through a subsidiary.
The FDIC issued proposed rulemaking in December to begin implementing the Genius Act. The agency originally set a comment deadline of Feb. 17, but in a statement, it pushed that deadline back to May 18.
Last month, the American Bankers Association joined four associations in urging the FDIC to extend the comment period. Among other things, they noted the agency has yet to issue a separate proposal to implement the law’s capital, liquidity, risk management and other prudential requirements.
