ABA urges US agencies to coordinate stablecoin rules

The American Bankers Association and three banking associations sent a joint letter to the Federal Reserve, FDIC, Office of the Comptroller of the Currency and National Credit Union Administration urging the agencies to re‑propose any aspects of their Genius Act stablecoin proposals that conflict with each other. They highlighted the lack of coordination, differing public‑comment deadlines, and the risk of regulatory arbitrage, stating that “such coordination is not only required by the Genius Act, it is also critical to ensure that the [stablecoin issuer] regulatory framework does not create an unlevel playing field.”

The groups also addressed the newly created Stablecoin Certification Review Committee, which includes the Treasury Secretary and the heads of the federal banking agencies. They recommended the committee adopt strong, transparent procedural rules before making determinations, warning that “weak or opaque procedures risk inconsistent determinations… a payment stablecoin issuer held to a lower effective standard than the one applied to banks under direct federal supervision.” The aims are to balance innovation with safety, protect financial stability, and prevent illicit finance.