OCC issues final stablecoin rule on rewards under GENIUS Act
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
The OCC issued a final rule requiring crypto exchanges and stablecoin issuers to seek agency approval for existing rewards programs ahead of a January 18 launch.
The U.S. Office of the Comptroller of the Currency issued a final rule regulating dollar-backed stablecoin issuers and their third-party exchange partnerships under the GENIUS Act, CoinDesk reported. Crypto platforms offering user incentives must seek regulatory clearance for existing reward initiatives, as the agency provided no safe harbor provisions. The regulations will take effect on January 18.
The regulator plans to evaluate stablecoin rewards on a case-by-case basis under the statutory ban on payments made solely for holding, using, or retaining payment tokens. According to CoinDesk, the OCC indicated that incentives provided at least partly for other purposes would avoid the ban, and the final text removed earlier proposed rebuttable presumptions on rule violations.
Treasury Secretary Scott Bessent stated that the rule establishes a clear, practical foundation for private-sector innovation and competition. The regulatory framework addresses issuance and custody standards for domestic and foreign entities, while leaving Bank Secrecy Act oversight to other Treasury offices.
Key facts
- Goes live January 18
- No safe harbors for rewards
- Case-by-case OCC oversight
- Under GENIUS Act