The National Community Reinvestment Coalition (NCRC) submitted a comment letter to the Office of the Comptroller of the Currency (OCC) last week, regarding its notice for proposed rulemaking for the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
In the letter, NCRC urged the OCC not to rush in finalizing a rule, pointing to many current and unresolved uncertainties within the cryptocurrency and stablecoin market structure.
Specifically, NCRC called on the OCC to address risks associated with deposit flight from stablecoin yield loopholes, bank-run and systemic risk concerns and the need for fraud/chargeback-style consumer protections.
“Any final stablecoin rule issued by the OCC must address the significant risk of deposit flight, the impact on community investment and lending and the current massive consumer fraud losses,” said NCRC Policy Director Tara Flynn. “It is premature to do so without comprehensive additional legislation that addresses these issues.”
To read the full comment, visit: https://ncrc.org/ncrc-comment-to-occ-re-genius-act-nprm/.
