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Search results for Office of the Comptroller of the Currency

Crypto

SoFi launches SOFIE tokenised deposit offering 4.4 percent annual yield

Fintech firm SoFi has launched SOFIE, a tokenised deposit product offering a 4.4 percent annual return. The product issues bank deposits in token form while maintaining deposit insurance coverage and allows users to convert holdings into SoFiUSD, a dollar-linked stablecoin, for cryptocurrency trading. SOFIE deposits are insured by the FDIC up to $250,000 per depositor by account ownership type, while SoFiUSD is not FDIC-insured.

Crypto

Blockchain Association urges U.S. Congress to overhaul crypto tax rules

The Blockchain Association urged U.S. lawmakers to overhaul digital asset tax rules, calling for exemptions for small transactions and for stablecoins to be treated as cash for tax purposes. It also sought taxation of mining and staking rewards when they are sold, and limits on broker reporting duties to intermediaries that custody or control customer assets. The group did not endorse specific legislation and said it would continue discussions as bills move forward.

Crypto

Stablecoin interest ban raises questions over workaround rewards

The U.S. Office of the Comptroller of the Currency has finalised a GENIUS Act rule that bans stablecoin issuers from paying interest or returns solely for holding coins. The rule defines stablecoins as payment instruments backed one-to-one by real assets and takes effect on Jan. 18, 2027. The OCC dropped draft language that would have blocked rewards by exchanges and fintech firms, but plans case-by-case reviews to prevent disguised issuer interest.