ABA Bankers Criticize OCC Rule That Omits Proposed Yield Limits

ABA bankers criticized the U.S. Office of the Comptroller of the Currency’s (OCC) final rule under the GENIUS Act, saying its decision to drop proposed stablecoin-yield restrictions preserves the existing approach for crypto platforms. The final rule omits limits on stablecoin rewards distributed through crypto platforms that appeared in the proposal. ABA bankers say the change leaves the current approach in place and means concerns may be addressed only after harm occurs. The ABA’s chief executive argued that the decision deals with potential economic harm only after it arises. Bankers also raised concerns that the existing framework may not adequately protect consumers or the economy. The OCC supervises national banks and federal savings associations, providing regulatory guidance to the banking sector on crypto-related activities.

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