Update
ABA Challenges OCC Stablecoin Rules
The American Bankers Association (ABA) has challenged the Office of the Comptroller of the Currency (OCC) over the implementation of the GENIUS Act, which includes rules on stablecoin rewards. The dispute centers on whether crypto platforms can offer rewards through third-party arrangements, despite the final rule prohibiting stablecoin issuers from directly paying interest and removing a proposed presumption that certain third-party arrangements could violate the law. ABA CEO Rob Nichols expressed concerns that stablecoin rewards could draw deposits away from banks and reduce funds available for loans.