American Bankers Association: OCC’s GENIUS rules ‘undermine’ US Congress

The American Bankers Association and other banking advocacy groups are criticizing the Office of the Comptroller of the Currency's finalized rules implementing the GENIUS Act, a stablecoin law. They argue the OCC's changes to provisions on yield and other key areas go beyond what Congress intended and effectively undermine the legislative process. The groups contend that the OCC's rulemaking alters the balance struck by lawmakers, particularly around how stablecoin issuers can handle earnings. Their pushback reflects broader tensions between regulators and the banking industry over the scope and interpretation of the new stablecoin framework.