The OCC requested comment on a proposed rule to implement provisions of the GENIUS Act regarding the issuance of payment stablecoins.
About the Proposal: The OCC said the proposed rule:
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Seeks comment on regulations that would apply to permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction as well as certain custody activities conducted by OCC-supervised entities.
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Addresses topics including permissible activities, reserve assets, risk management, supervision and examination, custody, and capital requirements.
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Addresses all 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, which will be addressed in a separate rulemaking in coordination with the Treasury Department.
More: The OCC said it will continue to coordinate with other agencies responsible for implementing aspects of the GENIUS Act. Comments on the proposal are due 60 days from the date of publication in the Federal Register.
FDIC Proposed Rule: The FDIC recently announced a 90-day extension of the comment period for its proposed rule on application procedures for FDIC-supervised institutions seeking to issue payment stablecoins, following an extension request from ICBA and other groups.
ICBA Principles: ICBA in November sent key principles for payment stablecoin supervision in a letter to the Treasury Department regarding implementation of the GENIUS Act.