GENIUS Act update: OCC final rule eliminates yield restrictions on stablecoins; banking industry raises objections
According to reporter Eleanor Terrett, the U.S. Office of the Comptroller of the Currency (OCC) has finalized the implementing rules for the GENIUS Act, removing prior proposed restrictions on stablecoin rewards.
This decision leaves unresolved the major dispute between banks and crypto companies over whether the platform can pay interest on users' stablecoin balances.
The American Bankers Association criticized the rule, saying it would preserve the status quo for crypto platforms. ABA CEO Rob Nichols argued that waiting until deposits have already left banks is the wrong approach.
U.S. Treasury Secretary Scott Bessent supported the rule, comparing the GENIUS Act to the National Currency Act of 1863, stating that the OCC’s framework provides a clear foundation for private-sector innovation.
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