PolicyCointelegraphabout 1 hour ago
ABA Warns OCC Stablecoin Rules Undermine Congress
2 min read
The American Bankers Association criticized the OCC's finalized GENIUS Act rules on Wednesday, arguing they undermine Congress intent regarding stablecoin yield. The regulator dropped a provision banning yield payments, allowing issuers to provide economically equivalent yield while technically avoiding the statutory prohibition. This decision risks threatening funds banks use to make loans driving the US economy.
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