According to CoinMeta, the US Federal Reserve (OCC) encourages community banks to develop payment stablecoin services and to apply to become authorized payment stablecoin issuers. Last week, the Genius legislation, which is set to be implemented in January next year, had its related rules finalized. Several banking industry groups have expressed opposition to this, with the Independent Community Bankers of America filing a lawsuit against OCC earlier this month, accusing crypto companies of not being subject to the same regulatory requirements.