The Office of the Comptroller of the Currency (OCC) released waiver guidance on October 21 for existing U.S. payment stablecoin issuers awaiting approval, establishing a process to maintain operations after the GENIUS Act becomes effective on January 18, 2027.
Under the new framework, existing issuers operating in the U.S. who submit substantially complete applications before the effective date may request waivers to continue issuing during the OCC's review period. The agency generally expects to grant such requests, though it retains discretion to deny waivers if review identifies compelling reasons to do so.
Waiver Conditions and Eligibility
Eligible applicants include subsidiaries whose insured depository institution parents have applied for them and issuers applying for federal qualified payment stablecoin issuer status. Applicants must submit written waiver requests with substantially complete applications—providing sufficient information for the OCC to assess whether they meet relevant approval criteria—on or before January 18, 2027.
Waivers may extend for no more than 12 months beginning January 18, 2027. The OCC stated that individual relief periods are expected to last only as long as necessary to address each applicant's specific justification, meaning issuers should not assume they will receive the full year of relief.
The guidance emphasizes that a pending application alone will not authorize continued issuance after the effective date. Issuers must secure a granted waiver to avoid violating the prior approval requirement.
Application Status and Next Steps
As of October 21, the OCC had not yet opened application intake, which awaits final approval from the Office of Management and Budget. The agency will announce when it begins accepting applications through a press release and website update.
Once intake opens, the OCC expects covered applicants to request waivers as soon as practicable. The agency said it will evaluate requests on their individual merits and generally act by January 18, 2027.
The OCC noted that the favorable waiver guidance applies specifically to issuers currently operating in the U.S. Prospective issuers are generally expected to begin U.S. operations only after receiving approval, and the agency identified no broadly applicable grounds for granting waivers to issuers not already operating domestically.
