The OCC proposed a new information collection that would include weekly and quarterly reporting forms for permitted payment stablecoin issuers under the GENIUS Act.
Background: The OCC in March issued a proposed rule that would implement requirements of the GENIUS Act with respect to the issuance of payment stablecoins and certain related activities by entities subject to the OCC’s jurisdiction.
New Proposal: The OCC’s new proposal would require permitted payment stablecoin issuers and foreign payment stablecoin issuers to submit two reports to the OCC:
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A weekly confidential reporting form to the OCC for each payment stablecoin the bank issues.
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A quarterly reporting form to the OCC.
Comment Deadline: Comments on the forms are due within 60 days of publication in the Federal Register.
More: Numerous GENIUS Act rulemakings are underway. ICBA last month urged the OCC to strengthen its proposed GENIUS Act rules to protect against stablecoin risks, and last week it called on the FDIC to adopt a strict payment stablecoin framework.