The American Bankers Association (ABA) criticized the OCC’s final rules on the issuance and custody of payment stablecoins developed under the GENIUS Act. Despite several measures it considered positive, the organization opposed the removal of the presumption that certain third-party arrangements violated the prohibition on paying yield. According to the ABA, issuers can consequently offer economically equivalent yield while technically circumventing the law, potentially weakening the distinction with bank deposits and triggering deposit flight. The rules were finalized before the law’s implementation in January 2027, while other agencies are still expected to issue rules within their respective areas of responsibility.
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