Wise Seeks Second Chance at OCC Approval Under GENIUS Act
Wise is likely to reapply for US Office of the Comptroller of the Currency (OCC) approval under the GENIUS Act framework, according to investment bank William Blair. The OCC previously rejected Wise's application to establish a national trust bank due to shortcomings in its anti-money laundering and countering the financing of terrorism controls.
The rejection was based on risks tied to illicit financial activity. However, Wise's business model is focused on lowering the cost of cross-border remittances rather than promoting a specific payment instrument.
This suggests that any renewed application would leave its existing strategy of using payment stablecoins intact. The GENIUS Act sets out a federal regulatory framework for payment stablecoin issuers in the US, but regulators have yet to finalize implementation guidelines.