OCC Finalizes GENIUS Act Rules for Stablecoin Issuers

The agency’s final rule, published October 21, establishes oversight for national bank subsidiaries, federally qualified nonbank issuers, and specific foreign entities operating within the United States. Under the framework, companies must demonstrate robust financial controls and risk management arrangements to secure approval. To bridge the gap for current market participants, the OCC will allow temporary compliance waivers for up to 12 months for entities with pending, substantially complete applications.

Treasury Secretary Scott Bessent championed the legislation as a transformative shift in American finance, drawing parallels to the 1863 National Currency Act. Comptroller Jonathan Gould noted that the agency leveraged its history of supervising traditional financial institutions to build the new guardrails. While the current rules focus on operational integrity and reserves, they do not encompass anti-money laundering or sanctions requirements, which remain subject to a separate, ongoing rulemaking process involving the Treasury Department. Once authorization procedures officially open, the regulator is mandated to determine the completeness of submissions within 30 days and reach a final licensing decision within 120 days.