Wise Resubmits US Charter Application Under GENIUS Act

Wise has announced plans to resubmit its application for a national trust bank charter with the US Office of the Comptroller of the Currency (OCC) under a GENIUS Act framework. The company's original application was rejected on Tuesday due to concerns over Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance, as well as 'other illicit finance activity risks.'

The GENIUS Act, signed into law in July 2025, provides a framework for payment stablecoin providers in the United States. However, regulators missed a crucial deadline last week to provide guidance on implementation of the law before its effective date in January 2027.

Wise will likely not shift its position on payment stablecoins with the new OCC application, according to investment banking group William Blair. The company aims to lower the cost of cross-border transactions, regardless of the rail used, as stated by William Blair.