American Bankers Association argues OCC's GENIUS rules undermine US Congress' intent on stablecoin yield

The American Bankers Association (ABA) criticized the Office of the Comptroller of the Currency's (OCC) finalized rules implementing the GENIUS Act, arguing that removing a provision establishing a presumption of violation for certain third-party stablecoin yield arrangements allows issuers to provide economically equivalent yield while technically avoiding the statutory prohibition. ABA stated that this risks undermining the distinction Congress drew between payment stablecoins and traditional bank deposits, potentially threatening bank lending that drives the US economy. The OCC finalized these rules ahead of the GENIUS Act's implementation in January 2027.