The Office of the Comptroller of the Currency (OCC) on Wednesday issued a final rule requiring existing stablecoin reward programs at crypto exchanges to be approved by the agency, weighing them against the GENIUS Act's prohibition on "paying rewards solely for holding, using, or retaining stablecoins." The rule will take effect on January 18 next year.
The OCC is the first federal agency to finalize regulatory rules related to the GENIUS Act. The agency stated that it will apply the regulations on a case-bycase basis and hinted that rewards might not fall under the prohibition if they are "at least partially for other reasons." U.S. Treasury Secretary Scott Bessent stated that the rule lays a clear and practical foundation for innovation, competition, and U.S. leadership in the digital assets space.
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The U.S. OCC issued final rules for stablecoin incentives, requiring existing programs to be approved.
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