American Bankers Association: OCC’s GENIUS Rules ‘Undermine’ US Congress

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 [...]

American Bankers Association criticizes OCC's GENIUS rules on stablecoins

The ABA is pushing back on the OCC's GENIUS Act stablecoin rules, objecting to yield provisions that blur lines between payments and savings.

American Bankers Association: OCC’s GENIUS rules ‘undermine’ US Congress

Banking advocacy organizations are pushing back against the OCC’s finalized rules on a stablecoin law, arguing against changes to provisions on yield.A lobbying group for US banks has weighed in on the Office of the Comptroller of the Currency’s (OCC’s) recently finalized rules on payment stablecoin issuance and custody, arguing that the regulator’s interpretation went against Congress’ intent.In a Wednesday notice, the American Bankers Associat…