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Wise Seeks Second Chance Under GENIUS Act Framework

Guavy AI Editorial Team
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Financial services company Wise has announced that it will resubmit its application for a US national trust bank charter, but this time under the GENIUS Act framework.

The GENIUS Act is legislation aimed at regulating stablecoins in the United States. The OCC had previously rejected Wise's application, citing concerns over Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance, as well as 'other illicit finance activity risks'.

Wise plans to submit a new application under GENIUS, which offers a framework for payment stablecoin providers. However, regulators missed a crucial deadline last week to provide guidance on implementation of the law before its effective date in January 2027.

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