Crypto Market Update: OCC Finalizes GENIUS Act Stablecoin Rules

Bitcoin price update

Bitcoin (BTC) was priced at US$84,430.94, trading 2.5 percent higher over the past 24 hours.

While trading picked up, a big part of the push came from futures traders, with US buyers holding back.

The value of open futures contracts has risen across crypto exchanges over the past day, but held flat on the Chicago Mercantile Exchange, the US exchange most used by large institutions, according to CoinGlass.

Most of the bets forced shut over the past day were bets against Bitcoin. Traders betting on more gains paid only a small fee to keep their bets open, a sign the move hasn’t overheated. US buyers also weren’t paying up — Bitcoin traded slightly cheaper on Coinbase Global (NASDAQ:COIN) than on Binance, a bigger gap than its recent average.

That fits the picture Glassnode paints in its weekly report, which describes Bitcoin as “boxed in” between buyers stepping in near US$80,000 and sellers waiting between about US$85,000 and US$87,500.

That’s the price level where people who bought in the past six to 12 months would get their money back, and where a large pile of sell orders sits on the Binance exchange. Glassnode said Bitcoin would need to end a day above US$87,500, with Bitcoin funds taking in money as trading picks up, to show buyers can soak up that selling.

In an email to the Investing News Network, Simon-Peter Massabni, head of business development at XS.com, said Bitcoin is moving in step with the Nasdaq Composite (INDEXNASDAQ:.IXIC) again. That means tech stock selling, hot US inflation data and the US Federal Reserve's interest rate stance are weighing on it.

Massabni sees US$82,500 as the key support level for Bitcoin; a sustained break below it could open a drop toward US$70,000, in line with a downside scenario he attributes to Wintermute.

On the upside, Bitcoin needs to get back above US$87,000, ideally with stronger trading volumes, to suggest a lasting rebound. Massabni said money is concentrating in Bitcoin and Ether while altcoins weaken. On Wednesday, though, XRP gained more than Bitcoin and Ether, while Solana moved roughly in line with them.

Bitcoin price chart

Ether and altcoin price update

• Ethereum (ETH) was priced at US$2,491.20, trading 2.5 percent higher over the last 24 hours.

• XRP (XRP) was priced at US$1.39, trading 5.2 percent higher over the past 24 hours.

• Solana (SOL) was trading at US$108.16, trading 2.2 percent higher over the past 24 hours.

Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• OCC fast tracks GENIUS Act stablecoin rules for January rollout
• UK bank customers file 10,000 grievances over crypto transfer restrictions
• Webull to launch crypto perpetual futures with Kalshi
• More companies object to OKXICE tokenization
• Solana gets Alpenglow network upgrade
• French regulators share proposals for MiCA review

OCC fast tracks GENIUS Act stablecoin rules for January rollout

On Wednesday, the Office of the Comptroller of the Currency (OCC) issued its final rule to implement the GENIUS Act ahead of its January 18, 2027, effective date. The regulation dictates requirements for payment stablecoin issuers operating under OCC jurisdiction, including national bank subsidiaries, federal savings associations, approved nonbank issuers and qualifying state and foreign entities. The new regulatory section establishes strict standards for reserve assets, redemption protocols, risk management, operational backstops and foreign issuer supervision.

Comptroller of the Currency Jonathan Gould stated, "We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management."

US Department of the Treasury officials will handle anti-money laundering and sanctions rules through a separate regulatory process. Secretary of the Treasury Scott Bessent likened the GENIUS Act to Abraham Lincoln's National Currency Act of 1863, which "established a national framework for bank-issued currency."

The GENIUS Act prohibits digital asset providers from offering stablecoins to Americans unless the tokens originate from a permitted issuer. Regulators missed their initial July deadline to finalize the framework, prompting Gould to push for November completion so the agency can begin processing applications in the new year.

UK bank customers file 10,000 grievances over crypto transfer restrictions

UK bank customers submitted 10,092 complaints regarding blocked or restricted crypto exchange transfers over a 90 day period, advocacy group Stand With Crypto said on Tuesday (October 20).

According to a report from the organization, 9,803 individuals filed grievances between May and August 2026 concerning transfers to platforms registered with the Financial Conduct Authority.

Customers across all 650 UK parliamentary constituencies used the group's online tool to register their issues. Lloyds Banking Group (LSE:LLOY,NYSE:LYG) drew 2,297 complaints to lead the pack, despite lacking a published policy restricting cryptocurrency transfers. Barclays (NYSE:BCS) gathered 1,569 complaints and actively caps crypto transfers at 2,500 euros per transaction, while NatWest received 1,278 complaints and restricts users to 1,000 euros daily.

Six UK banks currently publish specific transfer limits, whereas Starling Bank, TSB Bank, Chase UK, Metro Bank Holdings (LSE:MTRO,OTCPL:MTRBF), Virgin Money and the Co-operative Bank block cryptocurrency transfers entirely.

Stand With Crypto concludes its report by urging regulators to confirm that anti-fraud rules do not justify industry-wide blocks against authorized crypto firms.

Webull to launch crypto perpetual futures with Kalshi

Online trading platform Webull (NASDAQ:BULL) is partnering with prediction market operator Kalshi to offer crypto-linked perpetual futures to US customers starting in November.

Reuters reported that the companies will initially list contracts for Bitcoin and select alternative cryptocurrencies, with plans to expand the product range before the year ends.

Traders will access contracts regulated by the Commodity Futures Trading Commission (CFTC) on KalshiEX and clear their trades through Kalshi Klear using their existing Webull Futures accounts.

Perpetual futures allow market participants to hold leveraged positions without fixed expiration dates by utilizing periodic funding payments to align contract prices with underlying spot assets.

"Perpetual futures have become a significant part of global derivatives markets, with annual volume reaching more than $90 trillion in 2025," Webull US CEO Anthony Denier said. The launch capitalizes on a May regulatory breakthrough when the CFTC officially approved Kalshi's Bitcoin perpetual futures contract for domestic traders.

Webull previously reintegrated basic crypto trading into its main US app last year, and currently supports spot trading for over 70 digital assets alongside traditional stocks and exchange-traded funds.

More companies object to OKXICE tokenization

Seven more US companies have objected to having tokenized versions of their shares traded on OKXICE, a planned trading venue from crypto exchange OKX and Intercontinental Exchange (NYSE:ICE), the owner of the NYSE.

The newly listed objectors are Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Goldman Sachs (NYSE:GS), Qualcomm (NASDAQ:QCOM), Caterpillar (NYSE:CAT), McDonald's (NYSE:MCD) and Western Digital (NASDAQ:WDC). They bring the total to 16, according to an OKXICE public notice dated Monday (October 19). Earlier objectors include Broadcom (NASDAQ:AVGO), Verizon (NYSE:VZ) and UnitedHealth Group (NYSE:UNH).

The venue had planned to offer shares of 62 companies. The notice does not say what an objection means for those shares or when the venue will launch. Andrew Cuomo, co-chair of OKXICE and a former New York governor, said during a press call on Tuesday that the objections are “a very natural response.”

Solana gets Alpenglow network upgrade

Alpenglow, the biggest change yet to how Solana's network confirms transactions, went live on the main network on Wednesday, according to the Solana Foundation's Alpenglow dashboard.

The upgrade aims to cut the time it takes for a Solana transaction to become final, meaning it can no longer be reversed. The target is about 150 milliseconds, down from about 12.8 seconds, according to the Solana Foundation.

French regulators share proposals for MiCA review

France's financial regulators, central bank and treasury department published joint proposals for the EU's review of its crypto rules, known as MiCA. The group suggests that crypto platforms giving customers access to DeFi apps, which run on a blockchain with no company in the middle, should vet those apps first and be liable for certain incidents affecting clients where they actively helped them get access. It also proposes that the largest platforms be supervised by the European Securities and Markets Authority instead of national regulators.