OCC Targets November for Final GENIUS Act Rules

The Office of the Comptroller of the Currency (OCC) has set a November target for finalizing its GENIUS Act regulations, which cover stablecoin issuers. This comes after receiving industry feedback on its proposed framework.

OCC Comptroller Jonathan Gould said that the agency will adjust the final regulations in response to comments from cryptocurrency companies and other industry participants.

The proposal includes requirements for reserves, redemptions, supervision, custody, and issuer applications. It also covers a capital and operational backstop, which may change following public feedback.