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In Today’s Edition:
**Headline:OCC Finalizes First GENIUS RuleGlobal Legal Roundup****Case Study:**Argentine Judge Clears Milei Over LIBRA
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HEADLINE
**State of play: **The OCC has become the first agency to finalize its GENIUS Act rule, setting the template other regulators will be measured against while deliberately leaving stablecoin rewards in a gray zone that the stalled CLARITY Act was supposed to resolve.
The rule takes effect on January 18, 2027, and opens issuance pathways for both banks and non-bank companies.
It also sets standards for foreign stablecoin issuers and for custodying reserve assets.
Comptroller Jonathan Gould framed the rule as advancing Trump and Bessent’s agenda for US leadership in digital assets.
An official said the third-party presumption was dropped because it guessed at evasion risk in what remains a nascent market.
The OCC retained authority to pursue clear evasions, signaling enforcement rather than rulemaking will define the rewards boundary.
**What’s Next: **The Fed, FDIC, and other agencies still need to finalize their own GENIUS rules before the January 18, 2027 effective date.
**Why it Matters: **As the first final rule, the OCC’s framework becomes the default benchmark for how US stablecoin issuance and rewards will be policed.
Our Take: Going first lets the OCC set the floor, and if other agencies write tighter rewards rules, issuers will simply shop for the OCC charter, turning GENIUS into a regulatory arbitrage game.
GLOBAL LEGAL ROUNDUP
🇺🇸
OCCdebutsfinal rule implementing Trump-signed GENIUS Act.🇺🇸Crypto firms, Wall StreetpushSEC to revise Regulation Crypto Assets.🇺🇸
American Bankers AssociationaccusesOCC of undermining Congress.🇺🇸
Blockchain Associationpushesfor crypto tax clarity as broader bill stalls.🇦🇷Argentine judgeclearsMilei and 10 others in LIBRA case.
🇮🇪
Coinbase Irelandfined$3.6M over customer fund segregation.🇨🇭
Swiss FINMAapprovescountry’s first spot bitcoin ETF for retail investors.
🇰🇷
South Koreato amendforex law to regulate stablecoins.🌐
Singapore, Malaysia, Thailand CBsexpandstablecoin initiative.🇰🇷
South Korea’s crypto billnearscompletion while tax debate intensifies.
CASE STUDY
State of play: With the prosecutor requesting dismissal, no suspect ever formally questioned, and no plaintiffs left to appeal, the LIBRA case ends less as an exoneration than as an investigation that never fully tested the evidence against a sitting president.
Judge Marcelo Martínez de Giorgi ruled that a president’s promotion and launch publicity alone do not amount to fraud, clearing Karina Milei, Hayden Davis, and eight others.
LIBRA’s market cap topped $4.5B before crashing about 95% within hours, as eight team-linked wallets cashed out $107M.
Opposition deputy Maximiliano Ferraro called the ruling a cover-up, noting it ignores his commission’s finding that Milei provided essential collaboration.
Five investors removed as plaintiffs in July are asking the Federal Criminal Cassation Court to reinstate them, which would let them appeal.
Twelve days after their removal, Milei signed a decree appointing the judge’s wife to a federal court, drawing renewed opposition scrutiny.
Our Take: By ruling that a president’s endorsement isn’t deception and buyers knowingly assumed the risk, Argentina has effectively declared politician-promoted tokens legally consequence-free, leaving onchain sleuths as the only accountability left.
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