The Office of the Comptroller of the Currency (OCC) is proposing rules to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The notice of proposed rulemaking 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.
“The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner,” Comptroller of the Currency Jonathan Gould said. “We welcome feedback on the proposal to inform a final rule that is effective, practical and reflects a 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. Those 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.
Public comments should be submitted within 60 days from the date of publication in the Federal Register.