OCC's final rule to start fresh in weighing stablecoin rewards against GENIUS Act ban
The OCC issued the first final federal rule implementing the GENIUS Act, setting requirements for stablecoin issuers and their relationships with third parties. Crypto exchanges’ existing stablecoin rewards programs are not automatically approved: the OCC will assess them case by case under the law’s ban on payments made solely for holding, using or retaining stablecoins. The agency offered no safe harbors, though rewards tied partly to other reasons may fall outside the prohibition. The rule takes effect January 18 and also establishes issuance, custody and reserve standards. Other agencies are still developing related rules, so the full regulatory framework may not be ready by the Act’s intended January start. The OCC said it must enforce the law as written unless Congress changes it.
