OCC Seeks Industry Feedback on Proposed Stablecoin Rule

The Office of the Comptroller of the Currency (OCC) is seeking input from the crypto industry on its proposed rule implementing the federal stablecoin framework established under the GENIUS Act. In a recent speech at the DC Blockchain Summit, OCC Comptroller Jonathan Gould emphasized the importance of diverse viewpoints in shaping the final rule.

The OCC's proposal would prohibit yield-bearing stablecoins but provides an avenue for issuers to challenge this prohibition in their individual cases. This approach reflects the agency's commitment to balancing regulation with flexibility and adaptability.

Gould also highlighted that more rules related to the implementation of the GENIUS Act are forthcoming, including one on applying anti-money laundering requirements to stablecoins. This joint rule with the Treasury Department demonstrates the OCC's collaborative approach to regulating the crypto industry.