OCC final rule requires approval for stablecoin rewards under GENIUS Act
Briefing by News4U · First published
CoinDesk reports the OCC issued a final rule on Wednesday requiring U.S. exchanges to seek approval for existing stablecoin rewards programs, effective January 18.
CoinDesk reports the U.S. Office of the Comptroller of the Currency issued a final rule on Wednesday establishing regulations for stablecoin issuers under the GENIUS Act, requiring exchanges to obtain agency approval for existing rewards programs, with the rule set to take effect January 18. [1]
The OCC declined to provide examples of prohibited rewards, stating it will apply the statute's language to specific arrangements and that rewards made partly for other reasons may fall outside the ban. The agency noted that pre-GENIUS Act programs receive no safe harbor. [1]