Canada’s new stablecoin rules; OCC wants US banks to issue stables

Homepage > News > Finance > Canada’s new stablecoin rules; OCC wants US banks to issue stables TL;DR: Canada has released its proposed stablecoin rules, America’s banking regulator wants community banks to issue their own stablecoins, and a U.S. senator wants answers re Tether’s allegedly under-the-table D.C. lobbying. Key Takeaways: Canada releases stablecoin rules ahead of ‘fall 2027’ implementation Banks urge OCC to rethink GENIUS rules, OCC tells banks to join the party Blumenthal seeks answers from Tether, Bo Hines re GENIUS activities Canada’s Department of Finance released its proposed stablecoin regulations on October 24, opening a 60-day comment period for the rules that are slated to take effect in “fall 2027.” The release follows last year’s pledge to amend Canada’s Retail Payment Activities Act to “enable the regulation of payment service providers that carry out payment functions using prescribed stablecoins” and the passage this spring of the Stablecoin Act (SCA). The government says that, at present, the SCA would apply to five issuers, although the report only namechecks three: QCAD issued by Stablecorp Inc, CADC issued by Loon Technology Inc, and USDC. The...