US Stock Fluctuation: Circle plummeted on October 22 after the implementation of the GENIUS Act

Circle October 22 Major Drop Interpretation

Keywords: Implementation of the "GENIUS Act"

On October 21, 2026, the US Office of the Comptroller of the Currency (OCC) officially issued the final rules of the "GENIUS Act," marking the substantive implementation of the federal banking regulatory framework in the stablecoin sector. The core controversy of these rules centers on the stablecoin yield programs of leading exchanges such as Coinbase. In the final version, the OCC removed the harsh clause from the proposal phase that presumed it illegal for 'third-party proxy issuers to pay interest.' At the same time, it explicitly refused to provide a compliance safe harbor for related platforms, leaving the determination of yield legality ambiguous and subject to case-by-case review.

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