Function Before Forms: Bank Groups Urge FDIC to Finalize Stablecoin Rules First

The American Bankers Association and the Bank Policy Institute urged the FDIC to finalize its substantive stablecoin rules before proposing reporting forms for permitted payment stablecoin issuers.

In a joint comment letter, the associations argued that the FDIC should repropose the forms only after the underlying substantive requirements under the GENIUS Act are settled. The associations said the FDIC should make significant changes to its substantive rules that would materially change the forms. The public should be able to comment on forms that align with the final requirements, they said, including the operational backstop calculation.

The associations also urged the FDIC to coordinate with the OCC and other primary federal regulators overseeing stablecoin issuers.

Separately, the associations asked the FDIC to revise the filing and information-gathering requirements in the proposed forms to better serve their intended purposes.