OCC Encourages Community Banks to Apply for Payment Stablecoin Issuer

The Office of the Comptroller of the Currency (OCC) encourages community banks to develop payment stablecoin operations and consider applying to become authorized payment stablecoin issuers. The OCC finalized rules related to the GENIUS Act last week, which will take effect in January next year. Several banking groups oppose the OCC's proposed rules on stablecoin earnings, arguing that they deviate from the legislative intent of the GENIUS Act. The Independent Community Bankers of America filed a lawsuit against the OCC earlier this month, alleging that crypto companies are not subject to the same regulatory requirements, giving them an advantage over community banks.

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