Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement ahead of a scheduled Senate vote on the GENIUS Act, which would establish a federal regulatory framework for stablecoins.

Fraud mechanisms and scam typologies are constantly evolving, according to the latest Independent Banker magazine, and community banks must build awareness, knowledge, and prevention skills to successfully thwart them.

The OCC clarified permissible bank activities related to cryptoasset custody and execution services.