OCC Speeds Up GENIUS Act Crypto Regulation Deadline to November 2026
The Office of the Comptroller of the Currency (OCC) is racing to finalize its GENIUS Act crypto regulation by November 2026, a deadline that was set after the agency missed the law's original one-year statutory deadline. According to Comptroller Jonathan Gould, the OCC wants to start processing applications from stablecoin issuers under the new framework before January 2027.
The GENIUS Act aims to provide a clear federal rulebook for digital assets, particularly payment stablecoins, and requires that they be fully backed by U.S. dollars or similarly liquid assets. Issuers with a market capitalization above $50 billion will face mandatory annual audits under the law. The OCC's proposed framework also includes guidelines governing how foreign issuers can access the U.S. market.
The agency has already made changes to its initial draft based on public comments, although the specifics of what's being revised haven't been detailed publicly. Gould pointed out that digital asset chartering activity at the OCC has increased eightfold compared with the Biden administration. The initiative carries visible backing from the top, with leadership from the President and other senior officials driving the OCC to move faster.