Wise to Resubmit Charter Application Under GENIUS Act Framework

Financial services company Wise has announced that it will resubmit its application for a national trust bank charter in the US under the GENIUS Act framework. The move comes after the OCC rejected its initial application on Tuesday, citing concerns over Wise's Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance program.

The GENIUS Act, signed into law in July 2025, aims to regulate stablecoins in the US by providing a framework for payment stablecoin providers. However, federal agencies missed a crucial deadline last week to provide guidance on implementation, which has led to some uncertainty over how the law will be enforced.

The OCC has approved several applications from digital asset companies for national trust charters since the passage of the GENIUS Act, including Circle, Ripple Labs, Crypto.com, and Coinbase. However, Wise's initial application was rejected due to concerns over its AML and CFT compliance program, as well as 'other illicit finance activity risks.'

'Wise is focused on lowering the cost of cross-border transactions, agnostic of the rail,' said William Blair, an investment banking group that has been following Wise's plans. This suggests that Wise is unlikely to shift its position on payment stablecoins with the new application.