The OCC issued a final rule to implement GENIUS Act standards on issuing payment stablecoins.
Details: The OCC said the final rule—which will be effective Jan. 18, 2027—addresses all of the regulations it is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, anti-money laundering, and Office of Foreign Assets Control sanctions, which will be addressed in a separate rulemaking with the Treasury Department.
ICBA View: In a national news release, ICBA President and CEO Rebeca Romero Rainey said ICBA remains focused on ensuring the OCC's policies protect against the risks that payment stablecoins pose to community bank lending and local communities.
Past Advocacy:
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ICBA in August told the OCC to finalize the reporting regime for the GENIUS Act only after the core regulatory framework is complete and to coordinate with other regulators to avoid inconsistencies.
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ICBA in May urged the OCC to strengthen its proposed GENIUS Act rules to protect against stablecoin risks.
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ICBA in November sent key principles for payment stablecoin supervision in a letter to Treasury regarding implementation of the GENIUS Act.