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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

Patrick Witt steps down as director of White House crypto council secretariat

Patrick Witt, who led the White House cryptocurrency council secretariat, has stepped down after his temporary assignment ended. The White House confirmed the end of his duties but has not announced a successor. Witt had overseen talks on tightening the U.S. crypto regulatory framework, including Senate negotiations on the Clarity bill dividing oversight between the SEC and CFTC, and reviewed plans to expand a strategic bitcoin reserve.

Crypto

Bitwise cites four areas that benefited from Clarity bill stall

Bitwise pointed to the U.S. Securities and Exchange Commission\'s swift regulatory response as a reason crypto markets stayed strong after the Clarity market structure bill stalled in the U.S. Senate. Matt Hougan said the setback left several areas better off, including stablecoins, crypto exchanges, tokenization platforms and revenue-generating tokens. He cited SEC steps such as a conditional exemption for trading tokenized U.S. listed shares and guidance in an FAQ.