OCC’s final rule to start fresh in weighing stablecoin rewards against GENIUS Act ban
The U.S. Office of the Comptroller of the Currency is the first of several federal agencies to finish writing regulations under the act.
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Summary
- The U.S. agency that regulates national banks and trusts has issued the first final rule putting the GENIUS Act into place in January, though a number of other regulators are still working on other parts of the implementation.
- The section on stablecoin yield doesn’t offer a lot of detail on what activity may fall under the law’s wide prohibition of such yield from issuers, but the crypto industry has already interpreted GENIUS to permit the rewards programs that have become commonplace with stablecoin activity on exchanges.
- The final rule states that pre-existing rewards programs won’t get special treatment as the OCC assesses which ones pass regulatory muster.
