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Banking advocacy organizations are pushing back against the OCC\u2019s finalized rules on a stablecoin law, arguing against changes to provisions on yield.<\/p>\n
A lobbying group for US banks has weighed in on the Office of the Comptroller of the Currency\u2019s (OCC\u2019s) recently finalized rules on payment stablecoin issuance and custody, arguing that the regulator\u2019s interpretation went against Congress\u2019 intent.<\/p>\n
In a Wednesday notice, the American Bankers Association (ABA) said<\/a> that while the OCC\u2019s final rules implementing the GENIUS Act included \u201cseveral positive steps,\u201d the banking group remained critical of provisions related to stablecoin yield. The regulator dropped a provision<\/a> that would have established a presumption that certain third-party arrangements violated the law\u2019s ban on yield payments.<\/p>\n \u201cThe final rule removes the OCC\u2019s originally proposed safeguards that would have addressed indirect arrangements involving affiliates, exchanges and other distribution partners,\u201d said ABA. \u201cAs a result, payment stablecoin issuers can provide economically equivalent yield while technically avoiding the statutory prohibition. The OCC also declined to adopt a broader presumption against arrangements designed to circumvent the ban.\u201d<\/p>\n