Summary
- Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC), announced that the agency plans to finalize its stablecoin regulations under the GENIUS Act by November, aiming to meet a statutory deadline before the law becomes effective in January 2027, despite missing a previous July deadline.
- The comprehensive 376-page proposal, released in February and open for public feedback until May, addresses various aspects of payment stablecoins including reserves, liquidity, audits, and risk management.
- Gould indicated that the OCC anticipates starting to process applications from stablecoin issuers in 2027 and noted an eightfold increase in digital asset chartering activities compared to the previous administration.
The OCC, the primary banking regulator in the U.S., is pushing to finalize its stablecoin issuer regulations by November, as the deadline for a significant digital dollar law approaches.
During his address at the Wyoming Blockchain Symposium organized by SALT in Jackson, Jonathan Gould, the OCC's head, detailed the agency's swift progress towards publishing a final rule by November, incorporating input from the cryptocurrency sector.
“We are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,” Gould stated.
This set of regulations will be based on the GENIUS Act, legislation signed into law by former President Donald Trump in July 2025. The act mandates federal regulators to establish guidelines for payment stablecoins, which will take effect in January 2027. The OCC faces a January 18 deadline to implement these regulations, having already missed an earlier July target, raising concerns about ongoing regulatory ambiguity.
The OCC's 376-page draft, which was made public in February and open for comments until May, outlines the complete life cycle of payment stablecoins. It includes stipulations for reserve holdings, liquidity, audits, risk management, and the procedures for winding down a noncompliant issuer. Additionally, anti-money laundering and sanctions regulations will be addressed in separate rulemaking coordinated with the Treasury Department.
Gould expressed optimism about beginning to process applications from stablecoin issuers in 2027. He also noted a significant increase in interest in federal regulation, reporting an eightfold rise in digital asset chartering activity compared to the Biden administration, while criticizing the previous administration's handling of crypto-related risks as lacking foresight.
The implications for the industry are substantial. According to the GENIUS Act, only authorized issuers will be permitted to offer payment stablecoins to U.S. consumers. Furthermore, the Treasury has proposed regulations that would prohibit the sale of noncompliant stablecoins to American customers once the law is enacted.
While the OCC did not specify an exact date for the final rule's release in November, the timeline remains crucial for the future of stablecoin regulation in the U.S.