OCC's final rule to start fresh in weighing stablecoin rewards against GENIUS Act ban
Source: CoinDesk ·
From the source
The U.S. Office of the Comptroller of the Currency is the first of several federal agencies to finish writing regulations under the act. U.S. crypto exchanges that have long been giving people rewards for usings stablecoins will have to get the agency to sign off on those existing programs, according to the U.S. Office of the Comptroller of the Currency, the first federal banking regulator to issue a final rule under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The OCC, which oversees U.S. national banks and trusts that will play a central role in the issuance of stablecoins under the law, issued a final rule on Wednesday to establish the regulations under which the firms that issue the dollar-based tokens will operate — including in their third-party relationships with the exchanges on which their stablecoins change hands. The agency — an independent bureau of the Treasury Department — has declined to offer examples or illustrations of what…