OCC's First Final Rule Under $GENIUS Act: No Safe Harbor for Stablecoin Rewards
The OCC has issued its first final rule under the GENIUS Act, and it directly impacts stablecoin rewards programs.
📌 Key points:
• Existing rewards programs get no safe harbor. Exchanges must seek approval, with compliance assessed case by case.
• The rule takes effect January 18.
• Rewards made at least partly for reasons beyond simply holding, such as using or retaining a payment stablecoin, may fall outside the law's yield ban (per CoinDesk).
• The rule sets U.S. issuance and custody standards and adopts principles-based reserve diversification requirements.
• Other agencies are still developing their own rules.
💭 Compliance is about to matter more than ever for both exchanges and users.
What do you think, will this reshape the future of stablecoin rewards? Let me know in the comments 👇
#GENIUSAct #Stablecoin #OCC #Crypto #Binance
The OCC has issued its first final rule under the GENIUS Act, and it directly impacts stablecoin rewards programs.
📌 Key points:
• Existing rewards programs get no safe harbor. Exchanges must seek approval, with compliance assessed case by case.
• The rule takes effect January 18.
• Rewards made at least partly for reasons beyond simply holding, such as using or retaining a payment stablecoin, may fall outside the law's yield ban (per CoinDesk).
• The rule sets U.S. issuance and custody standards and adopts principles-based reserve diversification requirements.
• Other agencies are still developing their own rules.
💭 Compliance is about to matter more than ever for both exchanges and users.
What do you think, will this reshape the future of stablecoin rewards? Let me know in the comments 👇
#GENIUSAct #Stablecoin #OCC #Crypto #Binance