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GENIUS Act News: OCC Final Rule Drops Stablecoin Yield Curbs, Banks Push Back
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
The Office of the Comptroller of the Currency has finalised its rule implementing the GENIUS Act and removed earlier proposed limits on stablecoin rewards, journalist Eleanor Terrett reported. The decision leaves unresolved a major dispute between banks and crypto firms over whether platforms can pay users yield on stablecoin balances. The American Bankers Association criticised the rule, saying it would preserve the status quo for crypto platforms. ABA CEO Rob Nichols argued that waiting until deposits leave banks before acting is the wrong approach. Treasury Secretary Scott Bessent backed the rule, comparing the GENIUS Act to the National Currency Act of 1863 and saying the OCC framework gives private-sector innovation a clear foundation.
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