UPDATE: OCC codifies GENIUS Act stablecoin rule under 12 CFR 15 for 2027 launch
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Update to OCC issues final stablecoin rule on rewards under GENIUS Act
Based on reporting by crypto.news; not yet independently confirmed.
The OCC codified its GENIUS Act stablecoin framework under 12 CFR Part 15, taking effect on January 18, 2027, with mandates covering reserve backing, redemptions, audits, and third-party risk management.
The OCC finalized rules implementing the GENIUS Act under 12 CFR Part 15, setting the framework to take effect on January 18, 2027. As previously reported, the rule governs stablecoin issuers and their third-party relationships with exchanges, and it removes previously proposed rebuttable presumptions on rule violations.
According to crypto.news, the codified framework establishes standards for reserve backing, capital adequacy, redemption procedures, audits, and third-party risk controls. The provisions cover subsidiaries of national banks, federal savings associations, federally qualified nonbank issuers, certain state-qualified firms, and foreign payment stablecoin issuers operating under U.S. oversight. While issuers are barred from paying direct interest to retail holders, third-party rewards programs will be assessed on a case-by-case basis under the statutory ban on payments made solely for holding or using tokens, CoinDesk reported.
Comptroller Jonathan Gould stated that the agency drew on its banking oversight experience to establish standards for reserve backing, redemption, and risk management. Treasury Secretary Scott Bessent called the legislation a watershed moment in American finance, comparing the GENIUS Act framework to the National Currency Act of 1863.
Key facts
- Codified under 12 CFR Part 15
- Takes effect January 18, 2027
- Regulates reserves and audits
- Case-by-case rewards review
Read the original at crypto.news