ABA Says OCC “GENIUS” Rules Undermine US Congressional Oversight

The American Bankers Association (ABA) has criticized the U.S. Office of the Comptroller of the Currency’s (OCC) finalized rules for the GENIUS Act, arguing that the regulator’s approach to payment stablecoin yield diverges from what Congress intended. In a notice issued Wednesday, the industry group said the OCC’s final framework contains “several positive steps,” but falls short on safeguards meant to address how stablecoin issuers could structure economically similar returns while attempting to avoid the law’s yield-payment restriction. The ABA’s response centers on a specific change from the OCC’s earlier proposal.

Source: Crypto Breaking News