The OCC is proposing a federal regulatory framework for payment stablecoins under the GENIUS Act that would set standards for issuance, reserves, supervision, and foreign issuers within its jurisdiction.
OCC Seeks Comment on Broad Stablecoin Regulatory Plan
Federal banking regulators are advancing oversight of digital assets. The Office of the Comptroller of the Currency (OCC) on Feb. 25 issued a notice of proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, outlining standards for payment stablecoin issuance and related activities.
Subject to the OCC’s regulatory or enforcement authority under section 4 or 7 of the GENIUS Act, the notice states:
“The OCC will have regulatory or enforcement authority over certain permitted payment stablecoin issuers, including subsidiaries of national banks or Federal savings associations, Federal qualified payment stablecoin issuers, and State qualified payment stablecoin issuers.”
It further notes, “In addition, the OCC will have regulatory authority over foreign payment stablecoin issuers.”
The proposed rule would largely be codified in a new 12 CFR 15, a section of the Code of Federal Regulations that would specifically govern payment stablecoin activities under the OCC’s supervision. This new part would establish standards for permissible activities, reserve assets, redemption rights, risk management, audits, reporting, supervision, custody, applications and registrations, oversight of foreign issuers, revocation or rescission of approval in certain cases, and capital and operational backstops.
Beyond establishing the new stablecoin regulatory framework, the proposal would update existing capital adequacy standards, prompt corrective action requirements, fee assessment structures, and procedural rules applicable to OCC-supervised institutions. The agency is requesting public input on all elements of the proposed framework, while Bank Secrecy Act, anti-money laundering, and Office of Foreign Assets Control sanctions obligations will be addressed separately in coordination with the Department of the Treasury. The effective date will be the earlier of 18 months after enactment or 120 days after the primary Federal payment stablecoin regulators issue final implementing regulations.
FAQ 🧭
- What does the OCC proposal mean for stablecoin issuers?
Only permitted payment stablecoin issuers (including qualifying Federal and State issuers) meeting strict standards will be allowed to operate in the United States.
- How could the GENIUS Act impact crypto markets?
A clear federal framework may reduce regulatory uncertainty and attract institutional capital.
- Are foreign stablecoin issuers affected?
Foreign payment stablecoin issuers would fall under OCC regulatory authority if operating in the U.S.
- When could the new stablecoin rules take effect?
The framework becomes effective within a defined window after regulators finalize implementing rules.
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