U.S. Banks Challenge OCC’s Approach to Stablecoin Rewards

Banking groups say the OCC’s stablecoin framework leaves indirect rewards too loosely defined. The Blockchain Association argues the change follows Congress’s text. U.S. banking groups have challenged the Office of the Comptroller of the Currency’s treatment of stablecoin rewards, opening a dispute over indirect yield payments immediately after the regulator adopted its GENIUS Act framework. The American Bankers Association and Bank Policy Institute criticised the approach in statements on October 21. The Blockchain Association welcomed it, arguing that the final version better reflects the law Congress passed.