Summary
- U.S. banking groups have asked the Treasury Department to extend the deadline for submitting comments on stablecoin regulation.
- The banking industry said it needs at least 60 additional days for review after the OCC completes its supervisory standards for stablecoin issuers.
- Market participants are focused on how the establishment of a stablecoin regulatory framework will affect financial markets and the broader digital asset industry, as well as the upcoming legislative and regulatory coordination process.
Forecast Trend Report by Period
U.S. banking groups have asked the Treasury Department to extend the comment period for stablecoin regulation, arguing that a cautious approach is needed amid regulatory uncertainty.
CoinDesk reported on April 22 that the American Bankers Association and the Bank Policy Institute requested more time to submit comments on implementation of the CLARITY Act, a digital-asset market structure bill.
The groups said they need at least 60 additional days for review after the Office of the Comptroller of the Currency completes its regulatory work.
The OCC is currently developing supervisory standards for stablecoin issuers, a key element that could also shape the regulatory approach of the Office of Foreign Assets Control and the Financial Crimes Enforcement Network.
The banking industry said more time is needed for a full review because the regulatory direction has not yet been finalized. It added that a comprehensive assessment is necessary because the OCC's standards could influence other rules as well.
Market participants are watching how a stablecoin regulatory framework could affect financial markets and the broader digital-asset industry. The legislative process and coordination among regulators are expected to be key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
