Yesterday, IBAT submitted a comment letter regarding the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The letter is in response to the Department of the Treasury’s Advance Notice of Proposed Rulemaking soliciting public comments on questions relating to the implementation of the Act.
Specifically, IBAT is asking the Treasury to address concerns around stablecoin issuers and service providers, illicit finance challenges and to consider the estimated costs on community banks complying with the GENIUS Act.
“IBAT appreciates the Treasury’s willingness to put forth rules that encourage responsible innovation, ensure the safety, soundness and stability of the U.S. financial sector and further take into account the critical role that community banks, in and outside of Texas, play for the U.S. economy,” said IBAT President and CEO Christopher Williston.
