GENIUS Act News: OCC Final Rule Lifts Restrictions on Stablecoin Yields; The Banking Industry Expresses Opposition
According to reporter Eleanor Terrett, the US Federal Reserve (OCC) has finalized the implementation of GENIUS Act and has removed the previously proposed restrictions on stablecoin rewards.
This decision has left an unresolved major dispute between banks and crypto companies regarding whether platforms can pay interest on users' stablecoin balances.
The Bankers Association of America criticized the rule, stating that it would maintain the status quo of crypto platforms. ABA CEO Rob Nichols believes that it is a mistake to take action only after the deposits have already left the bank.
U.S. Treasury Secretary Scott Bessent supports this rule and compares GENIUS Act to the National Currency Act of 1863, stating that the framework of OCC provides a clear foundation for innovation in the private sector.
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