The Office of the Comptroller of the Currency (OCC) has set a November target for completing its GENIUS Act regulations. According to Comptroller of the Currency Jonathan Gould, the OCC will adjust the final regulations in response to comments from cryptocurrency companies and other industry participants. The OCC released its main GENIUS Act proposal on February 25, covering the full operating cycle of a payment stablecoin, including issuance, reserve management, redemption, supervision, and the process for closing an issuer.
Stablecoin Framework
The proposed framework requires issuers supervised by the OCC to maintain eligible reserve assets and redeem stablecoins at par. It also contains requirements for liquidity, risk controls, audits, reports, custody, and regulatory examinations. The agency has proposed a capital and operational backstop, although the final amount and structure could change following public feedback.
Regulatory Timeline
The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, instructed federal regulators to issue implementing regulations within one year. However, the statutory deadline passed on July 18, 2026, without the OCC, Federal Reserve, Federal Deposit Insurance Corporation, or National Credit Union Administration completing all required rules. The payment stablecoin framework is set to take effect on January 18, 2027, or 120 days after the primary federal regulators issue final implementing rules, whichever comes first.
