Search results for Rob Nichols
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. banking lobby backs Clarity Act but says stablecoin provisions need fixes
A U.S. banking industry lobbying group has voiced support for passage of the Clarity Act, a cryptocurrency regulation bill, while urging revisions to some stablecoin provisions. American Bankers Association CEO Rob Nichols said the bill contains many positive elements but needs limited changes related to stablecoins and community lending. Banks say yield-bearing stablecoins could erode deposits. Lawmakers are pushing to advance the bill before the August recess as debate narrows to stablecoin yields and competition with bank deposits.
Crypto
Progress on U.S. CLARITY Act but 60 votes in full Senate uncertain
The U.S. Senate Banking Committee approved the CLARITY crypto market structure bill by 15 to 9, with two Democrats joining Republicans. Support in the full Senate remains uncertain as those Democrats set conditions tied to ethics language. U.S. banking groups also urged changes to stablecoin provisions, warning of regulatory loopholes. The bill must be reconciled with another Senate version and needs at least 60 votes in the full chamber.
