The Office of the Comptroller of the Currency (OCC) has established November as its target date to complete the primary regulatory framework for stablecoins under the GENIUS Act, according to Comptroller Jonathan Gould.
Speaking at the SALT conference in Wyoming on August 19, Gould stated that the agency has finished reviewing stakeholder feedback from its February regulatory proposal and plans to incorporate that input into the final rules. The agency intends to finalize the rule by November to begin processing applications in the new year.
Federal Regulators Miss Statutory Deadlines
President Donald Trump signed the GENIUS Act into law in July 2025 to create the country's first federal regulatory framework for payment stablecoins. The legislation required federal agencies to publish implementing regulations within twelve months. However, the July 18, 2026 deadline passed without final rules from the OCC, the Federal Deposit Insurance Corporation, the Federal Reserve, or the National Credit Union Administration.
Ten proposed regulatory measures remained incomplete upon expiration of the statutory deadline. Under the GENIUS Act, the framework is scheduled to become operational on January 18, 2027, or 120 days after primary regulators publish final rules, whichever comes first.
Scope of the OCC Proposal
The OCC's initial 376-page proposal covers the lifecycle of payment stablecoins, including issuance procedures, reserve requirements, redemption protocols, custody standards, supervisory oversight, and wind-down procedures. Issuers would need to hold qualified reserve assets and ensure redemption at par value, alongside meeting standards for liquidity management, independent audits, and risk mitigation.
The draft also details application processes for nonbank entities, bank-affiliated subsidiaries, state-chartered issuers, and international firms serving U.S. consumers. Separately, the Treasury Department released a proposal on August 17 to determine when stablecoins are considered issued or sold within U.S. jurisdiction.
Rise in Digital Asset Approvals
Gould reported an eightfold increase in digital asset-related approval activity under current leadership compared to the previous administration. The OCC has processed 40 new bank charter applications over the past 18 months, with 13 digital asset applications currently under review, including submissions from Payward, Revolut, and EDX Trust.
Since December 2025, firms such as Circle, Ripple, Paxos, and BitGo have received conditional approvals for national trust bank charters. Additionally, on August 14, the OCC granted conditional approval to World Liberty Financial for the World Liberty Trust Company, which intends to issue and administer the USD1 stablecoin.
