OCC targets November for final stablecoin rules under GENIUS Act

The Office of the Comptroller of the Currency has set a November target for completing its GENIUS Act regulations after receiving industry feedback on its proposed stablecoin framework.

Crypto journalist Eleanor Terrett reported in an Aug. 19 X post that Comptroller of the Currency Jonathan Gould disclosed the timetable during the Wyoming Blockchain Symposium, an event presented by SALT and Kraken in Jackson Hole.

According to Terrett, Gould said the OCC would adjust the final regulations in response to comments from cryptocurrency companies and other industry participants. Her post did not identify which requirements the agency may revise or whether the November target applies to every rule that the OCC must issue under the GENIUS Act.

Gould also said the agency’s digital asset approval activity had increased eightfold compared with the Biden administration, according to the post. Terrett did not specify whether he was referring to charter approvals, licensing decisions, or another category of regulatory action.

Addressing the former administration’s approach, Gould reportedly described efforts to remove risk from the banking system as “extremely shortsighted.” The comptroller has previously argued that regulators should manage financial risks instead of trying to prevent banks from entering lawful business areas.

The OCC released its main GENIUS Act proposal on Feb. 25 before the notice appeared in the Federal Register on March 2. A 60-day comment period followed, giving banks, stablecoin companies, and other interested parties until May 1 to respond.

The proposal covers the full operating cycle of a payment stablecoin, including issuance, reserve management, redemption, supervision, and the process for closing an issuer.

Under the proposed framework, issuers supervised by the OCC would have to maintain eligible reserve assets and redeem stablecoins at par. The draft also contains requirements for liquidity, risk controls, audits, reports, custody, and regulatory examinations.

Application procedures would apply to nonbank companies seeking recognition as federal qualified payment stablecoin issuers. Separate provisions cover subsidiaries of national banks and federal savings associations, certain state-qualified issuers under OCC authority, and foreign issuers seeking access to the American market.

The agency also proposed a capital and operational backstop, although the final amount and structure could change following public feedback. Additional amendments would place stablecoin issuers within existing OCC rules covering capital standards, assessments, enforcement proceedings, and corrective action.

Bank Secrecy Act, anti-money-laundering, and Office of Foreign Assets Control requirements were excluded from the February proposal. The OCC said it would handle the missing provisions through separate rulemaking coordinated with the Treasury Department.

During June, the agency issued proposals addressing anti-money-laundering, counter-terrorist financing, and sanctions risk management for permitted stablecoin issuers. Another proposal covering customer identification remains open for comments through Aug. 21, according to the OCC’s rulemaking tracker.

President Donald Trump signed the GENIUS Act into law on July 18, 2025, creating the first federal US framework written specifically for payment stablecoins.

The law instructed federal regulators to issue implementing regulations within one year. The statutory deadline passed on July 18, 2026, without the OCC, Federal Reserve, Federal Deposit Insurance Corporation, or National Credit Union Administration completing all required rules.

Ten proposed rulemakings were pending across federal agencies when the deadline expired, with several comment periods scheduled to continue beyond July. Regulators have not announced a common date for completing the remaining measures.

Under the statute, the payment stablecoin framework takes effect on Jan. 18, 2027, or 120 days after the primary federal regulators issue final implementing rules, whichever comes first. Finalizing the OCC’s proposal in November would not independently start the 120-day period unless the other responsible agencies also complete their regulations.

The law generally restricts US payment stablecoin issuance to permitted issuers. Digital asset service providers will also be unable to offer or sell noncompliant payment stablecoins to American customers once the applicable provisions take effect.

Federal and state regulators will divide responsibility according to the issuer’s structure. The OCC will oversee federally qualified nonbank issuers, stablecoin-issuing subsidiaries of national banks and federal savings associations, and certain state-qualified issuers that come under its authority.

Foreign issuers face another approval route before US platforms can distribute their stablecoins. The GENIUS Act requires them to operate under a comparable regulatory system and meet conditions involving reserves, supervision, and US regulatory access.

Separate regulations proposed by the Treasury Department on Aug. 17 address when payment stablecoins are issued, offered, or sold in the United States. The definitions will help determine when an issuer requires a federal or state license and when a platform becomes subject to distribution restrictions.

Treasury also proposed standards for digital asset service providers that make foreign-issued stablecoins available to American users. The department opened the proposal for public comment and said responses would help it clarify the territorial reach of the law.

Under the proposal, companies would generally need authorization when their activities involve US customers or take place within the country. Treasury also requested feedback on transactions involving intermediaries, decentralized systems, and platforms that may serve customers in several jurisdictions.

Treasury Secretary Scott Bessent said the department was working to implement the framework enacted by Congress while accepting comments from businesses and other interested parties. The proposal does not replace the OCC rule because the two measures cover different parts of the GENIUS Act.

The November timetable comes as the OCC processes more applications from companies planning to provide digital asset services under federal banking supervision.

In August, the agency said it had received 40 de novo bank applications during the previous 18 months, including proposed national trust banks. Gould compared the total with an annual average of fewer than four charter applications between 2011 and 2024.

The OCC’s public licensing tracker recently listed 13 pending digital asset applications. Applicants included Payward National Trust Company, Revolut Bank US, EDX Trust, Agora National Trust Bank, and PAYO Digital Bank.

Gould said companies conducting legally permitted activities should have a path into the federal banking system. The OCC has said it often decides complete charter applications within 120 days, although preliminary approval does not authorize an institution to open.

Several cryptocurrency companies have received conditional national trust bank approvals since December 2025. The applicants have included Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets, while other companies have continued through the application process.

National trust banks can provide custody, fiduciary, settlement, and asset-servicing functions under OCC supervision. Their charters do not automatically allow them to accept ordinary customer deposits or provide conventional loans in the same manner as full-service commercial banks.

On Aug. 14, the OCC conditionally approved World Liberty Financial’s application to establish World Liberty Trust Company. The proposed institution would issue and redeem the USD1 stablecoin, manage its reserves, and provide custody services to institutional clients.

Preliminary approval allows World Liberty to organize the trust bank but does not permit it to begin operations. According to the OCC’s decision, the company must satisfy its preopening requirements, maintain at least $20 million in eligible capital, apply for Federal Reserve Bank stock, and receive written authorization before opening.