The US Office of the Comptroller of the Currency (OCC) has finalized its regulatory rule implementing the GENIUS Act, which establishes a federal framework for payment stablecoin issuance and certain custody activities.
The final rule covers requirements for permitted payment stablecoin issuers and foreign issuers under the OCC's jurisdiction. Key regulatory areas include reserve backing, redemption practices, and risk management protocols.
US Treasury Secretary Scott Bessent characterized the GENIUS Act as a significant development in American finance, drawing a parallel to historical banking legislation. He stated that the rule provides a foundation for private-sector innovation and competition in digital assets.
The OCC received hundreds of comments from crypto companies, community banks, trade groups, academics, and other stakeholders during the proposal period. The final rule addresses regulatory requirements under the GENIUS Act, though provisions covering the Bank Secrecy Act, anti-money laundering compliance, and sanctions enforcement will be handled through a separate rulemaking process in coordination with the Treasury Department.
The OCC has not yet announced when it will begin accepting applications and waiver requests from prospective permitted payment stablecoin issuers. The agency indicated that announcement will come at a later date. The OCC plans to monitor industry development and adjust its supervisory approach if needed.
The GENIUS Act was signed into law in July 2025. Both the legislation and the final rule are scheduled to take effect on January 18, 2027. Federal regulators missed an earlier July 18, 2026 deadline to finalize the rules, as implementation required multiple agencies to develop an entirely new supervisory framework.
