| Mobile Web

Search results for American Bankers Association

Crypto

U.S. OCC final rules on GENIUS Act stablecoin rewards split banks and crypto industry

U.S. banks and the crypto industry are reacting in opposite ways after the Office of the Comptroller of the Currency finalised rules on stablecoin rewards under the GENIUS Act. Bank groups say allowing third-party rewards could pull money from deposits and weaken lending capacity, while crypto groups call the decision closer to Congress’ original intent. The rules take effect on Jan. 18, 2027, and some analysts say uncertainty over what structures are allowed may persist.

Crypto

U.S. bank groups seek to tighten Clarity Act stablecoin rewards limits

Concerns are rising in both the banking sector and the crypto industry over the final version of the Clarity Act ahead of a U.S. Senate procedural vote. Eight U.S. banking groups asked Senate leaders to strengthen limits on stablecoin rewards, warning the revised bill could allow payments similar to deposit interest. Crypto industry figures also criticized the amendment for omitting protection from federal criminal prosecution for certain developers. The Senate plans a procedural vote on Sept. 16, requiring 60 votes to advance.

Crypto

U.S. OCC reaffirms push to expand new bank charters, quickening crypto firms\' entry

The U.S. Office of the Comptroller of the Currency has reaffirmed its policy of promoting de novo bank charters, accelerating crypto firms’ entry into the federal banking system. Ripple, Circle, Crypto.com and Paxos have received conditional approvals linked to national trust bank charters, while Coinbase’s application is under review. Traditional banking groups have urged the OCC to reject or slow such applications, citing risk management, internal controls and governance concerns.