The American Bankers Association criticized the Office of the Comptroller of the Currency’s final rules implementing the GENIUS Act after a proposed stablecoin-yield restriction was dropped, according to a BlockBeats report citing crypto journalist Eleanor Terrett on Oct. 22.
Banking group objects to the rule
BlockBeats said the ABA viewed the change as preserving the status quo for crypto platforms. The group’s chief executive warned that waiting until deposit outflows and economic damage had already occurred before addressing the issue would be a mistake.
The report presents the criticism as the ABA’s position. It does not independently establish the final rule’s full legal effect or the timing of any implementation.