ABA Criticizes OCC “GENIUS” Rules, Says Stablecoin Yield Terms Undercut Congress

The American Bankers Association (ABA) has criticized finalized rules from the U.S. Office of the Comptroller of the Currency (OCC) governing how payment stablecoins can be issued and how custody arrangements should work. In a Wednesday statement, the industry group said the OCC’s interpretation—approved as part of the regulatory framework implementing the GENIUS Act—misread Congress’s intent, particularly on the question of stablecoin yield. Key takeaways The ABA argues the OCC removed earlier safeguards that would have treated certain third-party yield arrangements as effectively violating the GENIUS Act’s yield prohibition.

Source: Crypto Breaking News