| Mobile Web

Search results for Federal Reserve Board

Crypto

US community banks oppose stablecoin interest loophole as CLARITY bill faces hurdles

U.S. community banks publicly opposed leaving room in the CLARITY bill for stablecoins to effectively pay interest, calling for changes. The industry says stablecoins could move beyond payments and act like deposit substitutes, potentially shifting deposits out of banks and weakening local lending. The ICBA estimated $1.3 trillion could leave deposits for stablecoins, with community lending falling by $850 billion. The issue could affect a Sept. 15 Senate vote.

Crypto

U.S. OCC to issue final Genius Act rule in November, speeding stablecoin framework

The U.S. Office of the Comptroller of the Currency plans to finalise by November the implementing rules for the Genius Act, a bill on payment stablecoins. OCC chief Jonathan Gould said the agency will review industry feedback on a draft released in February and publish the final rule ahead of the law’s January 2027 start date to reduce regulatory gaps. The act requires the Treasury, FDIC and the Federal Reserve Board to craft detailed rules, and licensing reviews could begin in 2027.

Crypto

U.S. Treasury begins drafting detailed rules ahead of Genius Act rollout

The U.S. Treasury has begun procedures to draft rules to implement the Genius Act, a stablecoin regulation law. It has started collecting public comments on draft regulations ahead of the law’s planned rollout in January 2027. The law sets a framework for payment stablecoins in the United States, but the Treasury and other agencies have not finalised detailed rules by a July deadline. Treasury Secretary Scott Bessent said stakeholder input is needed.