The Office of the Comptroller of the Currency has issued a proposal for stablecoin regulation that leaves some questions unanswered. The regulation would implement the GENIUS Act, which passed in July 2025 and set forth the initial framework for U.S. regulated payment stablecoins. A stablecoin is a type of cryptocurrency that’s pegged to a fiat currency, like the U.S. dollar, and therefore is designed to maintain a more stable value over time, relative to cryptocurrency in general. The U.S. regulated stablecoin is backed by cash or U.S. Treasurys, dollar for dollar. Banks have been concerned that the mainstreaming of stablecoin…

Recent data released from the Internal Revenue Service sheds light on what happens to all those suspicious activity reports banks file every year. For example, two-thirds of criminal investigations opened in the last fiscal year by the IRS had a currency transaction report (CTR) tied to the subject of the investigation, the agency revealed in February. Financial institutions are required to file a CTR when a customer makes a cash transaction involving $10,000 or more; they also must file an aggregated CTR if that customer makes multiple cash transactions totaling $10,000 or more in a single business day. A large…