FICC Focus Macro Matters: DC Policy Update With BI’s Nathan Dean
Mar 5, 2026
Nathan Dean, a Bloomberg Intelligence senior policy analyst covering Washington policy and courts. He breaks down the OCC stablecoin plan and the Genius Act’s tricky rules. He walks through the potential Basel III capital shakeup and shifting tariff authority after a Supreme Court ruling. He also previews how midterms could steer regulation and litigation.
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Nathan's Weekly Washington Briefing Routine
- Nathan runs a 10-minute Monday Washington Policy Pulse call and writes a Monday afternoon Bloomberg News Washington newsletter plus a Friday newsletter with extra detail.
- He also hosts the Votes and Verdicts podcast and mixes in court-focused coverage because his team covers litigation.
OCC Proposal Sets Strict Stablecoin Backing Rules
- The OCC's proposal implements the Genius Act by requiring stablecoins to be 100% backed by high-quality liquid assets and short-term Treasuries capped at 93 days.
- Negotiations continue over whether third-party platforms like Coinbase can offer rewards, with the White House pushing a narrowed rewards model tied to activities rather than balances.
High Probability Of Stablecoin Rulemaking This Year
- Rulemaking under the Genius Act is highly likely with regulators able to finalize rules this year and banks and platforms adapting ahead of 2027 electoral risks.
- Stablecoin adoption will be driven more by institutional use cases and back-end payments than consumer point-of-sale purchases.