American Bankers Association: OCC’s GENIUS rules ‘undermine’ US Congress

What happened: The American Bankers Association criticized the OCC's finalized GENIUS Act rules on payment stablecoin issuance and custody, saying the regulator's interpretation went against Congress' intent. Why it matters: The ABA argues the dropped yield safeguards let issuers offer economically equivalent yield while avoiding the statutory ban, risking deposit flight. The Blockchain Association backed the change, while the Bank Policy Institute sided with the ABA. Key numbers: GENIUS Act passed Congress in July 2025; OCC rules take effect with implementation in January 2027. Coverage: 3 outlets in 24h

The American Bankers Association criticized the OCC's finalized GENIUS Act rules on payment stablecoin issuance and custody, saying the regulator's interpretation went against Congress' intent.

The ABA argues the dropped yield safeguards let issuers offer economically equivalent yield while avoiding the statutory ban, risking deposit flight. The Blockchain Association backed the change, while the Bank Policy Institute sided with the ABA. Key numbers: GENIUS Act passed Congress in July 2025; OCC rules take effect with implementation in January 2027.