OCC Encourages Community Banks to Apply to Become Payment Stablecoin Issuers

Odaily reports: The U.S. Office of the Comptroller of the Currency (OCC) is encouraging community banks to develop payment stablecoin businesses and to consider applying to become approved payment stablecoin issuers. Last week, the OCC finalized rules related to the GENIUS Act, which will take effect in January next year.

The initiative comes as several banking groups oppose the OCC's proposed rules on stablecoin yields, arguing that they deviate from the congressional legislative intent of the GENIUS Act. Earlier this month, the Independent Community Bankers of America sued the OCC, alleging that crypto companies are not subject to the same regulatory requirements and therefore have an advantage over community banks. (Cointelegraph)