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OCC draft sets federal rules for stablecoin issuers and custody services, focusing on safety and regulatory compliance.
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Proposal excludes AML and sanctions rules, leaving those areas for separate coordination with Treasury agencies.
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Framework marks initial step in multi-agency oversight, with more rules expected as GENIUS Act implementation continues.
The Office of the Comptroller of the Currency issued a proposed rule to implement the GENIUS Act, outlining how payment stablecoin issuers will operate under federal oversight. The proposal defines requirements for issuers, custody activities, and supervision, aiming to support stablecoin use within a regulated banking framework while maintaining operational safety.
Framework Targets Issuers and Custody Operations
The proposal sets rules for permitted payment stablecoin issuers and foreign issuers under OCC jurisdiction. It also covers custody services provided by OCC-supervised institutions.
Notably, the framework outlines how these entities must manage stablecoin-related operations. It focuses on maintaining safety and compliance within regulated financial systems.
According to Comptroller Jonathan V. Gould, the OCC developed the proposal after detailed review. He said the agency is seeking public feedback before finalizing the rule.
Rule Excludes AML and Sanctions Provisions
However, the proposal does not include requirements related to anti-money laundering or sanctions compliance. These areas fall outside the current rulemaking scope.
The OCC said those provisions will be addressed separately with the U.S. Treasury. This includes Bank Secrecy Act and Office of Foreign Assets Control requirements.
This approach allows the current rule to focus on issuer regulation and custody oversight. It separates operational rules from financial crime compliance measures.
Coordination Continues Across Agencies
Meanwhile, the OCC confirmed it will continue working with other agencies implementing the GENIUS Act. This reflects a coordinated federal approach to stablecoin oversight.
The agency noted that multiple regulators will handle different aspects of the law. Each rulemaking will address specific responsibilities.
As a result, the proposal introduces initial standards for stablecoin issuers. Additional rules are expected as agencies complete their respective mandates.
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