The American Bankers Association (ABA) has criticized the U.S. Office of the Comptroller of the Currency’s (OCC) finalized rules for the GENIUS Act,
- The American Bankers Association (ABA) criticizes the OCC's final rules for the GENIUS Act, arguing they weaken safeguards against indirect yield payments for stablecoins.
- The ABA contends that the OCC's removal of a presumption for third-party arrangements creates ambiguity, potentially blurring the lines between payment stablecoins and bank deposits.
- While banking groups express concern over deposit flight and regulatory clarity, the Blockchain Association praises the OCC's revision for aligning with statutory text, highlighting a divergence in industry perspectives.
Topics: Legal regulatory, Jurisdictions, Institutional adoption, Securities law classification, Cross jurisdictional policy, Banking depository pilots
Tags: #occ #aba #geniusact #stablecoin #yield #paymentstablecoin #congress #banking #regulation #depositflight
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