American Bankers Association: OCC’s GENIUS rules ‘undermine’ US Congress
Summary
The American Bankers Association criticized the OCC’s finalized GENIUS Act rules for dropping a proposed presumption against third-party arrangements that could let stablecoin issuers offer economically equivalent yield while avoiding the statutory ban. The ABA said this could blur the distinction between stablecoins and bank deposits and risk deposit outflows. The Blockchain Association supported the change as closer to the law’s text, while the Bank Policy Institute shared the ABA’s concerns. The OCC finalized its rules ahead of the act’s January 2027 implementation; other agencies are expected to issue related rules.
