The Office of the Comptroller of the Currency (OCC) has unveiled a final rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. U.S. Secretary of the Treasury Scott Bessent described the act as a pivotal moment in American finance, drawing parallels to Abraham Lincoln’s National Currency Act of 1863, which established a framework for bank-issued currency. The GENIUS Act aims to provide a federal framework for payment stablecoins in the digital age, fostering innovation, competition, and American leadership in digital assets.
Comptroller of the Currency Jonathan V. Gould emphasized that the final rule advances President Trump and Secretary Bessent’s vision for American leadership in digital assets. The rule sets clear standards for reserve backing, redemption, and risk management for payment stablecoin issuers under the OCC’s jurisdiction. It also addresses regulations required by the GENIUS Act, excluding those related to the Bank Secrecy Act, anti-money laundering, and Office of Foreign Asset Control sanctions, which will be addressed separately.
The OCC received hundreds of comments from various stakeholders during the rulemaking process, including crypto-focused companies, community bankers, trade groups, and academics. The agency will continue to coordinate with other agencies responsible for implementing aspects of the GENIUS Act and will announce when it will begin accepting applications and waiver requests from prospective stablecoin issuers. The final rule and the GENIUS Act will take effect on January 18, 2027.