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OCC Finalizes Rule on Stablecoin Rewards
The U.S. Office of the Comptroller of the Currency has issued a final rule requiring U.S. crypto exchanges to obtain approval from the agency for existing programs that reward users for using stablecoins. The rule, which is the first under the GENIUS Act, prohibits payments to customers solely for holding, using, or retaining payment stablecoins, but allows for rewards that are not solely for these purposes. The GENIUS Act, which went into effect, prohibits payments to customers made 'solely in connection with the holding, use, or retention of such payment stablecoin' from being allowed. The rule will take effect on January 18.