So there’s some interesting news from OCC that’s currently driving the crypto industry. They’ve just released a regulatory proposal based on the Undang-Undang GENIUS to regulate stablecoins, and the part that’s getting everyone talking is yield.

This 376-page proposal is actually fairly straightforward in most of its sections—custody controls, capital requirements, and other standard regulatory items. But once you get into the yield section, everything becomes ambiguous and controversial. Some people monitoring this process say OCC appears to be claiming authority to ban third parties from offering yields for holding stablecoins—more than they should be able to do. Meanwhile, others say this proposal aligns with the language of the Undang-Undang GENIUS and there’s no problem.

This is what’s interesting—the very wording of the request law itself. The proposal states that stablecoin issuers must not pay holders any form of interest or yield solely related to ownership, use, or retention of the stablecoin. But they also know issuers might try to get around this through third parties. So they say if there’s a contract stating that the payment is for yield, OCC will treat it that way.

Companies like Coinbase, Circle, PayPal, and Paxos may need to seriously change how they structure their relationships. Matthew Sigal from VanEck even said that companies like Coinbase need to make their agreements look more like loyalty programs rather than interest payments.

There’s also a truly confusing section about the definition of affiliates. If an issuer owns 25% or more of a third party, they cannot offer yields. This creates a loophole for third parties that have no share-ownership issues. The same goes for white-label relationships—depending on the contract term.

What makes everything even more complicated is that stablecoin yields are also becoming a barrier to the progress of the RUU struktur pasar that the industry is waiting for. Some say this OCC proposal might mean Congress doesn’t need to address yields at all in the market-structure bill. But others say there’s no possibility Congress will skip this part.

The market-structure bill still has other issues that need to be resolved—ethical provisions regarding crypto activities involving Trump and his family, plus anti-money laundering and KYC rules. If this bill were to actually become law before OCC finishes its regulations, regulators would need to issue an interim proposal to remain compliant with the new law.

So for now, there’s a draft of the latest wording circulating among legislators, but there’s still no agreement between the banking and crypto industries. Everything is still in progress, and it’s possible that parts of the OCC proposal won’t be implemented exactly as they are now. The situation is still evolving and needs close attention.