AgentFlareNewswire · Crypto · Sat, Oct 24, 2026
US bank regulators let crypto exchanges keep paying stablecoin rewards under GENIUS Act rules
The Office of the Comptroller of the Currency's GENIUS Act rules, issued Wednesday, keep issuers like Circle barred from paying interest but let exchanges such as Coinbase pass along rewards, despite bank lobbying.
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OCC rules let exchanges pass stablecoin yield to customers
Federal regulators said on Wednesday that crypto firms can keep offering interest-like rewards, rejecting bank warnings about deposit flight. Under the OCC's GENIUS Act rules, stablecoin issuers such as Circle still cannot pay interest to holders. Exchanges including Coinbase and Robinhood may share earnings from the backing assets on a case-by-case basis. Coinbase offers up to 3.5% on USDC balances, against an average savings yield of 0.38% per FDIC figures. Coinbase shares rose 5% on October 21 but gave back most of the gain; the stock closed at $169.09 on October 22, down 4.51%. Coinbase's Q2 stablecoin revenue was $292 million.
Why it mattersThe rule protects a growing income stream for exchanges and keeps the yield competition with bank savings accounts alive, which matters for COIN, USDC and bank deposit trends.
Bitcoin, Ether and Solana slide on October 22 as risk appetite fades
Crypto sold off on October 22 as macro worries weighed on risk assets. Bitcoin fell 3.29% to $81,263.73 and briefly dipped below $81,000. Ethereum fell 3.64% to $2,381.38 and Solana fell 3.27% to $103.31. Oil held above $111 a barrel and Nasdaq futures softened. Spot Bitcoin ETFs fell with the coins, with IBIT and FBTC each down 3.72%. Solana's Alpenglow upgrade went live that day but did not stem the decline. Ethereum developers are also discussing a draft settlement change that could cut finality time to about four minutes.
Why it mattersNetwork upgrades did not offset macro-driven selling, showing that oil and equity-risk sentiment are currently driving crypto prices more than protocol news.
J.P. Morgan brings tokenized money market funds to Solana
J.P. Morgan Asset Management announced on October 22 that its tokenized funds MONY and JLTXX are now available on Solana to qualified U.S. investors. MONY is a 506(c) private placement fund that launched in December 2025. JLTXX is a U.S. registered government money market fund built to support stablecoin issuers under the GENIUS Act. The access runs through the firm's Morgan Money platform. Paul Przybylski, the firm's Global Head of Product, Digital and Tokenized Assets, said clients operate across more than one network and that the multi-chain approach supports scaling tokenized cash management.
Why it mattersA top US bank widening tokenized cash products across public chains signals institutional demand for onchain settlement and reserve assets tied to stablecoin rules.
Zcash surge of roughly 3,000% draws Winklevoss and Silbert
Bloomberg reported on October 23 that early Bitcoin investors are competing to profit from a rally of roughly 3,000% in Zcash, the privacy token that lets holders conceal transactions. Cameron and Tyler Winklevoss of Gemini, along with Barry Silbert, founder of Digital Currency Group, are among those helping drive and benefit from the move. Bloomberg describes Zcash as the standout major cryptocurrency of the year.
Why it mattersA privacy token outperforming Bitcoin this sharply, with prominent backers involved, shows where speculative capital is flowing despite weak majors.
Coinbase wins dismissal of investor suit over compliance claims
A federal judge in the Eastern District of Pennsylvania dismissed a proposed class action accusing Coinbase and current and former executives of misrepresenting its anti-money-laundering and know-your-customer programs. Judge Joel H. Slomsky said on Wednesday that Coinbase adequately disclosed ongoing examinations by the New York Department of Financial Services and the UK's Financial Conduct Authority. He added that a company need not accuse itself of unadjudicated wrongdoing while investigations are pending. He also found other statements on the programs' strength to be nonactionable puffery or opinion.
Why it mattersThe ruling removes one legal overhang for Coinbase shareholders, though the New York and UK regulatory examinations remain pending.
South Korea moves to classify stablecoins as a means of payment
South Korea is rewriting its foreign exchange law to classify stablecoins as a means of payment, according to CryptoTicker. The outlet notes that parts of the crypto community see the change as adoption, while its own reading of the fine print points to increased surveillance. The piece, published on October 23, frames the rule as a regulatory step rather than a pure endorsement of stablecoin use.
Why it mattersFormal legal status for stablecoins in a major crypto market could shape payment use, but compliance and monitoring terms will matter for issuers and builders.
Data behind the stories
Bitcoin traded at $80,572, with a 24h decline of 0.88%, and Ethereum at $2,370, down 0.83%, extending the October 22 sell-off described in the market story. Coinbase closed at $169.09 on October 22, down 4.51% on the day, after giving back most of its gain from the OCC ruling. Solana was at $102 and XRP at $1.28.
What to watch
- The Digital Asset Market Clarity Act, which passed the House on July 17, 2025, still awaits further action in the Senate. legis1.com
- Ethereum developers are still outlining a draft settlement change that could cut finality time to about four minutes. fool.com
Key takeaways
- OCC rules keep stablecoin issuers barred from paying interest but let exchanges share yield, a win for Coinbase and Robinhood over bank lobbyists.
- Crypto fell on October 22 amid oil above $111 a barrel; Bitcoin was $80,572 by early October 24.
- Institutions keep building: J.P. Morgan put tokenized money market funds on Solana, while South Korea moves to treat stablecoins as payment.
FAQ
Can crypto exchanges still pay interest on stablecoins after the OCC rules?
Yes. Under the OCC's GENIUS Act rules, issuers like Circle cannot pay interest to holders, but exchanges such as Coinbase and Robinhood can pass along earnings as rewards on a case-by-case basis, regulators said on Wednesday.
Why do banks object to stablecoin rewards?
Banks argue higher crypto yields could cause deposit flight, reducing lending capacity. Coinbase offers up to 3.5% on USDC balances, versus 0.38% for the average savings account, according to FDIC figures.
Why did Bitcoin fall on October 22?
Bitcoin fell 3.29% to $81,263.73 as risk appetite faded. Oil held above $111 a barrel and Nasdaq futures softened, which the Motley Fool cited as the main macro backdrop.
The wire
Every item considered for this digest, newest first — published within 48h of 2026-10-24 00:42 UTC.
- Cryptocurrency companies can keep paying interest-like rewards, say federal bank regulators | Business miamitimesonline.com · 2026-10-23 20:52
- Bitcoin Association Lobbying Holds Steady Amid Crypto Debate legis1.com · 2026-10-23 17:19
- South Korea Makes Stablecoins an Official Means of Payment cryptoticker.io · 2026-10-23 15:57
- Bitcoin Billionaires Are Racing to Ride a 3,000% Crypto Boom bloomberg.com · 2026-10-23 10:15
- Not Bitcoin. Not Ethereum. This Once-Popular Cryptocurrency Could Be the Biggest Winner of 2027. finance.yahoo.com · 2026-10-23 07:00
- Crypto Market Today, Oct. 22: Bitcoin and Altcoins Slide as Wall Street Fears Spill Into Crypto Markets fool.com · 2026-10-22 21:30
- Coinbase Global: Aware That Some Users May Be Moomoo · 2026-10-22 19:33
- Coinbase Beats Investor Suit Over Regulatory Compliance Concerns Bloomberg Law News · 2026-10-22 18:52
- Trending Industry Today: Advanced Micro Devices Leads Losses In Blockchain Stocks Moomoo · 2026-10-22 17:00
- J.P. Morgan Asset Management Expands Access to Its Tokenized Money Market Funds on Solana PR Newswire · 2026-10-22 16:00
- Should You Buy Coinbase Stock Under $170? 24/7 Wall St. · 2026-10-22 15:38
- Bitcoin Forecast: Is Buying Demand Making a Comeback? stonex.com · 2026-10-22 03:00
How this digest is made. Headlines and article text come from the AISA Financial News and Tavily APIs; only items published in the last 48 hours are eligible, and duplicates across outlets are merged. A language model writes the summaries strictly from those texts and the live market data shown — every story links to its sources. Market data: AISA Financial, CoinGecko, Polymarket and Macro APIs.
Sources & citations
- Cryptocurrency companies can keep paying interest-like rewards, say federal bank regulators | Business miamitimesonline.com · 2026-10-23
- Should You Buy Coinbase Stock Under $170? 24/7 Wall St. · 2026-10-22
- Crypto Market Today, Oct. 22: Bitcoin and Altcoins Slide as Wall Street Fears Spill Into Crypto Markets fool.com · 2026-10-22
- J.P. Morgan Asset Management Expands Access to Its Tokenized Money Market Funds on Solana PR Newswire · 2026-10-22
- Bitcoin Billionaires Are Racing to Ride a 3,000% Crypto Boom bloomberg.com · 2026-10-23
- Coinbase Beats Investor Suit Over Regulatory Compliance Concerns Bloomberg Law News · 2026-10-22
- South Korea Makes Stablecoins an Official Means of Payment cryptoticker.io · 2026-10-23