ABA accuses OCC of undermining Congress over final stablecoin rewards rule

The American Bankers Association accused the Office of the Comptroller of the Currency of undermining Congress after the regulator declined to weigh in on third-party stablecoin rewards in its final rule. The dispute revives the broader fight between banks and the crypto industry over stablecoin yield and who may offer it. Traders should watch for further regulatory clarification, since the treatment of stablecoin rewards affects how crypto firms compete with banks for deposits.