A U.S. banking regulator finalized a GENIUS Act framework that leaves out proposed limits on crypto platform stablecoin rewards, drawing criticism from banks over consumer and economic protections.
The Office of the Comptroller of the Currency (OCC) issued the rule Oct. 21. It covers permitted and foreign payment stablecoin issuers under the agency’s jurisdiction, along with certain custody activities by firms it supervises. The rule takes effect Jan. 18, 2027.
The final text excludes proposed restrictions on rewards paid through crypto platforms. The American Bankers Association (ABA) criticized the omission, saying the rule maintains the current treatment of those platform rewards. The association also said the framework may not adequately protect consumers or the broader economy. Its chief executive argued that a response to economic concerns could come only after harm has begun.
Comptroller of the Currency Jonathan V. Gould said the framework sets “strong standards for reserve backing, redemption and risk management.”
The OCC said it will issue a separate notice on when issuers can begin applying. A separate rulemaking will address Bank Secrecy Act, anti-money-laundering and sanctions provisions.
