ABA Says OCC Rule Leaves Crypto Platforms’ Stablecoin Rewards in Place

The American Bankers Association criticized the Office of the Comptroller of the Currency’s final rule under the GENIUS Act, arguing it leaves crypto platforms free to offer stablecoin rewards. The OCC previously proposed limits on stablecoin yield but dropped the restrictions in its final rule. The ABA interprets that change as leaving crypto platforms’ current rewards practices in place, with no proposed yield restriction carried into the final version. The association’s chief executive warned that waiting to respond until deposits have left banks and economic harm has occurred would be a mistake.