Federal Deposit Insurance Corp

The Office of the Comptroller of the Currency has finalized the first federal banking rule implementing the GENIUS Act, setting a framework for stablecoin issuers and related third-party relationships. Existing stablecoin rewards programs will not receive automatic protection, leaving exchanges and issuers to seek clarity through case-by-case regulatory review.

The U.S. Federal Reserve has proposed rules to implement key parts of the GENIUS Act, including standards for stablecoin issuers, bank issuance procedures, reserves, and rewards programs. The proposals enter a public comment phase as federal agencies continue building the regulatory framework for U.S. stablecoins.

Banking lobbyists and crypto advocates are locked in a renewed fight over whether platforms should be allowed to offer rewards tied to stablecoin holdings. The dispute has become a central threat to the Clarity Act as lawmakers weigh bank concerns against the crypto sector’s push for market structure rules.