OCC Sets November Target for Finalizing GENIUS Act Regulations
The Office of the Comptroller of the Currency (OCC) has set a November target for finalizing its GENIUS Act regulations. The agency received industry feedback on its proposed stablecoin framework and is adjusting the rules accordingly.
OCC Comptroller Jonathan Gould stated that digital asset chartering activity has increased eightfold since the Biden administration, calling the previous administration's effort to eliminate risk 'extremely shortsighted.'
The OCC's main GENIUS Act proposal was released on February 25 and covers the entire stablecoin lifecycle, including issuance, reserve management, redemption, supervision, custody, and regulatory examinations. The proposed framework requires issuers supervised by the OCC to maintain eligible reserve assets and redeem stablecoins at par.