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FDIC Extends Comment Period on GENIUS Act
The Federal Deposit Insurance Corporation (FDIC) has extended the comment period on a proposal to establish procedures for financial institutions to issue payment stablecoins.
The original comment period was set to end on February 17, 2026, but the FDIC has now extended it to May 18, 2026, to give the public more time to provide input on the proposed rulemaking.
The proposal, which is part of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), aims to establish procedures for FDIC-supervised state nonmember banks and state savings associations to issue payment stablecoins through a subsidiary.
The extended comment period is seen as a positive development for stakeholders who are keen to provide feedback on the proposed rulemaking. The FDIC’s decision to extend the comment period will allow for a more thorough discussion of the issues raised by the proposal.
According to the FDIC, the extended comment period will provide additional time for the public to prepare comments to address the matters raised by the proposed rulemaking. This will enable the FDIC to gather more comprehensive feedback and ensure that the final rulemaking is robust and effective.
The FDIC’s decision to extend the comment period is a significant development in the ongoing debate about the regulation of payment stablecoins. As the use of stablecoins continues to grow, regulatory bodies are under pressure to provide clear guidelines for their issuance and operation.
The FDIC’s proposal is part of a broader effort to establish a regulatory framework for payment stablecoins. The agency is working closely with other regulatory bodies to develop a comprehensive approach to the regulation of stablecoins.
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