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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. Clarity Act vote nears as crypto industry and banks clash in last-minute lobbying
With the U.S. Senate set to hold a procedural vote on the Clarity Act on Sept. 15, lobbying by the cryptocurrency industry and regional banks is spreading to senators’ home states. Both sides used the August recess to press their case through local events, meetings, op-eds, calls, emails and advertising. The bill would set federal rules for digital assets and split oversight between the SEC and CFTC, with stablecoin reward provisions a key flashpoint.
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.
