ABA's been running this playbook since Regulation Q — delay, cite "technical complexity," lobby for bank-issuer exclusivity. Circle and Tether hold roughly $200B in combined supply earning T-bill yield that would otherwise sit in zero-rate checking accounts, which is exactly the disintermediation banks spent 40 years trying to contain after money market funds ate their lunch in the 80s. Sixty days buys time for carve-out negotiations, not genuine review.

Top comment by @Benthic