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 Association (ABA) said that while the OCC’s final rules implementing the GENIUS Act included “several positive steps,” the banking group remained critical of provisions related to stablecoin yield.