OCC Proposes Rules for Stablecoin Issuance under GENIUS Act
- The Office of the Comptroller of the Currency (OCC) has opened a 60-day comment period on draft rules implementing the GENIUS Act.
- The proposal restricts issuing a payment stablecoin in the U.S. to only “permitted payment stablecoin issuers.”
- New regulations will cover reserve asset standards, mandatory redemption at par, and liquidity management controls.
- The OCC will have regulatory authority over certain national bank subsidiaries and foreign stablecoin issuers seeking U.S. access.
- The new regime could take effect as early as January 2027 or within four months after final rule implementation.
The OCC’s proposed rules aim to establish a comprehensive framework for regulated stablecoins under the GENIUS Act, enhancing oversight and aligning with traditional finance standards.
By limiting issuance to permitted entities and setting stringent reserve requirements, the proposal seeks to ensure stability and compliance in the U.S. stablecoin market while awaiting further AML and sanctions guidance from the Treasury Department. (Source)
