OCC Requests Comments on Proposal to Implement GENIUS Act

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The notice of proposed rulemaking generally sets forth, and seeks comment on, the regulations that would apply to permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction as well as certain custody activities conducted by OCC-supervised entities.

“The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner,” said Comptroller of the Currency Jonathan V. Gould. “We welcome feedback on the proposal to inform a final rule that is effective, practical and reflects broad industry perspective. The OCC will continue its work to implement the GENIUS Act and provide OCC regulated entities with more opportunities to meet the needs of their customers and communities.”

The proposed rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, Anti-Money Laundering, and Office of Foreign Asset Control sanctions, which will be addressed in a separate rulemaking in coordination with the Department of Treasury. The OCC will continue to coordinate with other agencies responsible for implementing aspects of the GENIUS Act.

Comments from the public are due 60 days from the date of publication in the Federal Register.

Related Link

• Federal Register Notice (PDF)