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The Economic Times
The Economic Times
Technology

Cryptocurrency companies can keep paying interest-like rewards, say federal bank regulators

Crypto Stablecoins Office of the Comptroller of the Currency American Bankers Association Coinbase

Cryptocurrency companies can continue to pay interest-like rewards to customers, federal regulators said Wednesday, despite warnings from banks that such programs could drain trillions of dollars in deposits from the banking system.

The new rules are part of the implementation of the GENIUS Act, which was signed into law last year and was meant to codify the rules and regulations around issuers of stablecoins.

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