Regulator Drops Affiliate Rewards Rule, Keeps Stablecoin Yield Ban
The OCC's final GENIUS Act rule no longer includes the proposed affiliate rewards presumption, but the stablecoin yield ban remains in place. Rewards tied to issuers and third parties will still be reviewed, and existing programs will not be exempt. Traders in stablecoin-linked products should check how these rules may affect rewards.
Why it matters
- The stablecoin yield ban is still in the final rule, so yield-style offers remain restricted.
- Issuer-linked and third-party rewards will stay under review rather than being automatically cleared.
- Existing rewards programs get no grandfathering, so they may need to change to comply.
What to watch next
Watch for further guidance or review decisions on issuer-linked and third-party stablecoin rewards programs.
