The American Bankers Association has criticized the Office of the Comptroller of the Currency’s final rule under the GENIUS Act, saying it would leave the current state of crypto platforms unchanged. The reaction was relayed by Eleanor Terrett in a post on social media. According to the update, the OCC dropped a proposed restriction tied to stablecoin yield in the final rule, a move that drew objections from the banking group. ABA President and CEO Rob Nichols said it is the wrong approach to wait until deposit outflows and economic harm occur before trying to address the issue. The remarks frame the group’s concern around the rule’s practical effect and the timing of any response, rather than support for the final version.
The American Bankers Association, or ABA, is unhappy with the Office of the Comptroller of the Currency’s final rule under the GENIUS Act and says it would preserve the status quo for crypto platforms, according to a social media post by Eleanor Terrett.
The OCC had earlier dropped a proposed restriction on stablecoin yield in the final rule. ABA President and CEO Rob Nichols said it is the wrong approach to try to fix the issue only after deposit outflows and economic harm have already occurred.
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