ABA Criticizes OCC “GENIUS” Rules, Says Stablecoin Yield Terms Undercut Congress
The American Bankers Association (ABA) has criticized finalized rules from the U.S. Office of the Comptroller of the Currency (OCC) governing how payment stablecoins can be issued and how custody arrangements should work. In a Wednesday statement, the industry group said the OCC’s interpretation—approved as part of the regulatory framework implementing the GENIUS Act—misread Congress’s intent, particularly on the question of stablecoin yield.