ABA says OCC’s stablecoin rules undermine Congress

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The American Bankers Association (ABA) has criticised the US Office of the Comptroller of the Currency (OCC) over its final rules implementing the GENIUS Act, arguing that the regulator’s approach to stablecoin rewards conflicts with Congress’ intent.

The banking group welcomed several parts of the rules but objected to the removal of a proposed presumption that certain third-party arrangements could breach the ban on stablecoin yield payments. The ABA said this could allow issuers to offer economically equivalent rewards through affiliates, exchanges and other partners.

The group warned that the rules could blur the distinction between payment stablecoins and bank deposits, potentially threatening the funds banks use to provide loans.