OCC finalizes GENIUS Act rules, requiring case-by-case approval for stablecoin rewards programs

The Office of the Comptroller of the Currency issued its first final rule implementing the GENIUS Act, effective January 18, 2027. The rule prohibits stablecoin issuers from offering rewards "solely in connection with the holding, use, or retention" of payment stablecoins. While existing rewards programs are not exempt, the OCC indicated that rewards not made "solely" for holding the coin may fall outside the ban. U.S. crypto exchanges must seek agency approval for their existing programs under case-by-case oversight.