US banking watchdog preserves stablecoin rewards loophole

TL;DR: The OCC finalized its GENIUS Act rules and dropped the proposed presumption that issuer arrangements with third-party platforms amount to prohibited yield, leaving a stablecoin rewards “loophole” that banks say threatens deposits. Meanwhile, the SEC closed comments on its Regulation Crypto proposal and cut its quorum requirement to a single commissioner, and a growing list of major companies, including Alphabet, Microsoft, and Goldman Sachs, is opting out of OKXICE’s plan to tokenize their stocks.