OCC DEBUTS FINAL RULE IMPLEMENTING TRUMP-SIGNED GENIUS ACT

Summary from the TLDR Crypto newsletter

The OCC is the first regulator to finalize its GENIUS Act stablecoin rule. Effective January 18, it creates pathways for banks and non-banks to issue payment stablecoins, sets standards for foreign issuers, and sets standards for custody. The final rule drops a presumption in the proposal that certain issuer relationships with third parties could be unlawful, since the OCC saw no “nascent market” for it. The ban on issuers directly paying interest stays. An OCC official said third-party reward arrangements will be judged case by case, with authority to act against clear evasion. Rewards are also a main sticking point in the stalled Senate CLARITY Act.