🔥BREAKING- U.S. Treasury Secretary Scott Bessent is backing the OCC’s FINAL GENIUS Act rule, calling it a major milestone for American finance and digital asset leadership! $ALT $PHA $AVA
Key Details of the OCC's Final GENIUS Act Rule:
Effective Date: Takes effect on January 18, 2027.
Reserve Requirements: Issuers must hold 100% liquid reserves in cash or U.S. Treasuries, utilizing a flexible, principles-based approach.
Yield and Rewards: Direct interest is banned, but third-party rewards are permitted conditionally.
AML Rules: Anti-money laundering requirements are deferred to a joint process with the Treasury.
Key Details of the OCC's Final GENIUS Act Rule:
Effective Date: Takes effect on January 18, 2027.
Reserve Requirements: Issuers must hold 100% liquid reserves in cash or U.S. Treasuries, utilizing a flexible, principles-based approach.
Yield and Rewards: Direct interest is banned, but third-party rewards are permitted conditionally.
AML Rules: Anti-money laundering requirements are deferred to a joint process with the Treasury.