The Office of the Comptroller of the Currency finalized a rule implementing the GENIUS Act. The rule and the GENIUS Act take effect on January 18, 2027.
The final rule establishes requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC's jurisdiction. It also covers certain custody activities conducted by OCC-supervised entities.
The rule addresses all regulations the OCC must promulgate under the GENIUS Act except those related to the Bank Secrecy Act, anti-money laundering, and Office of Foreign Asset Control sanctions. Those will be addressed in a separate rulemaking in coordination with the Department of Treasury.
The OCC received hundreds of comments on the proposal from crypto-focused companies, community bankers, trade groups, and academics. The agency will announce in a separate news release when it will begin accepting applications and waiver requests from prospective permitted payment stablecoin issuers.