According to CoinMeta, the Bankers Association of America CEO Rob Nichols issued a statement criticizing the Federal Reserve OCC for implementing the final rules on stablecoins under the Genius legislation, stating that these rules violate the legislative intent of Congress to protect local credit. The new regulations have removed the presumption of illegality regarding specific arrangements between issuers and third parties that were previously mentioned in the proposal. Platforms such as Coinbase can still offer stablecoin returns to users. Rob Nichols believes that this loophole blurs the distinction between paying with stablecoins and making bank deposits, and it is a mistake to wait until deposits start to flow out before addressing this issue.