US banking watchdog preserves stablecoin rewards loophole

Homepage > News > Business > US banking watchdog preserves stablecoin rewards loophole TL;DR: The OCC finalized its GENIUS Act rules and dropped the proposed presumption that issuer arrangements with third-party platforms amount to prohibited yield, leaving a stablecoin rewards “loophole” that banks say threatens deposits. Meanwhile, the SEC closed comments on its Regulation Crypto proposal and cut its quorum requirement to a single commissioner, and a growing list of major companies, including Alphabet, Microsoft, and Goldman Sachs, is opting out of OKXICE’s plan to tokenize their stocks. Key Takeaways: OCC’s GENIUS rules not making friends with banking sector SEC mulls Reg Crypto comments, shrinks quorum rules to single commissioner OKXICE tokenized stock rejections multiplying like bunnies Additional tokenized stock applicants apply America’s banking watchdog is preserving a stablecoin rewards ‘loophole,’ while the number of Wall Street firms saying ‘no thanks’ to their stocks being tokenized by third parties is growing by the day. The Treasury Department’s Office of the Comptroller of the Currency (OCC) has released its final rules on how to implement the stablecoin-fo...