The US Office of the Comptroller of the Currency has issued its final rule to implement the GENIUS Act, setting out how the federal framework will apply to permitted payment stablecoin issuers, foreign issuers under OCC supervision, and some custody activities by entities the agency oversees.

The rule addresses core operating standards including reserve backing, redemption, and risk management. It does not yet cover Bank Secrecy Act, anti-money laundering, or sanctions provisions, which the OCC said will be handled in a separate rulemaking coordinated with the Treasury Department.

What the final rule covers

According to the OCC, the finalized framework applies to several parts of the GENIUS Act. It sets requirements for permitted payment stablecoin issuers, establishes expectations for foreign issuers that fall under OCC supervision, and covers certain custody activities carried out by supervised institutions.

The agency said the rule was shaped after feedback from crypto companies, community banks, trade associations, academics, and other participants. The standards finalized in this round focus on the operational structure of stablecoin issuance, especially how reserves are maintained, how redemptions are handled, and what risk management obligations supervised entities must meet.

What is still left for a separate rulemaking

The OCC said this rule does not implement the GENIUS Act provisions tied to the Bank Secrecy Act, anti-money laundering requirements, or sanctions compliance. Those areas are expected to be addressed later through a separate rulemaking process coordinated with the Treasury.

That means a significant part of the compliance picture for stablecoin issuers is still pending. The OCC also has not said when it will begin accepting applications or waiver requests from firms seeking to operate as permitted payment stablecoin issuers under the new federal regime.

Bessent frames the law as a major financial milestone

Scott Bessent described the GENIUS Act as a “watershed moment” for American finance. In his remarks, he compared the law to Lincoln’s National Currency Act of 1863 and said it creates a federal framework for payment stablecoins suited to the digital era.

Bessent said the act gives the private sector a clearer foundation for innovation, competition, and leadership in digital assets. His comments underline the broader policy significance supporters attach to the law, even as the detailed supervisory architecture is still being completed across agencies.

Timeline, missed deadline, and next steps

The GENIUS Act was signed into law in July 2025. Regulators did not meet the July 18, 2026 deadline to finalize the stablecoin rules, a delay the source article attributed to the need for coordination among multiple agencies.

Both the law and the OCC’s final rule are now set to take effect on January 18, 2027. The OCC said it will continue coordinating with other regulators and plans to monitor the industry and adjust its supervision as needed. In September, the Federal Reserve also proposed two related rules, indicating that the broader federal stablecoin framework is still being assembled.

Source: cryptopotato.com