Stablecoin Regulatory Rules Finalized, OCC Advances GENIUS Act Implementation

Odaily reports: The U.S. Office of the Comptroller of the Currency (OCC) has finalized implementation rules for the GENIUS Act, applicable to permitted payment stablecoin issuers, foreign issuers under OCC jurisdiction, and certain custodial activities of regulated entities, covering reserve backing, redemption, and risk management. Treasury Secretary Scott Bessent called the legislation a "watershed moment for American finance," likening it to the National Currency Act of 1863. The final rules did not incorporate Bank Secrecy Act, anti-money laundering, or OFAC sanctions provisions; these matters will be addressed through subsequent rules coordinated with the Treasury Department. The GENIUS Act was signed into law in July 2025, and regulators failed to finalize rules before the July 18, 2026 deadline; the Federal Reserve proposed two related rules in September 2026. Both the GENIUS Act and the OCC's final rules are set to take effect on January 18, 2027, and the OCC has not yet announced a timeline for accepting issuer applications and exemption requests.