On February 25, 2025, the OCC issued a proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The GENIUS Act provides a federal regulatory framework for payment stablecoin.
The proposed rule outlines regulations for payment stablecoin issuers and foreign stablecoin issuers under the OCC's jurisdiction, along with specific custody activities by OCC-supervised entities. The proposed rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act, other than those related to the BSA/AML and OFAC sanctions. The OCC said that it will continue to coordinate with other agencies responsible for implementing aspects of the GENIUS Act.
The OCC invites public comments on the proposed regulations.
The OCC’s press release can be found here.
The Federal Register Notice can be found here.