OCC Proposes Regulatory Framework for Stablecoin Issuers Under GENIUS Act
The Office of the Comptroller of the Currency (OCC) has unveiled a 376-page proposal to implement the GENIUS Act, marking a pivotal step in federal oversight of payment stablecoins. A 60-day public comment period begins immediately, inviting industry stakeholders to weigh in on the draft rules.
The framework defines the OCC's supervisory authority over qualified stablecoin issuers, mandating one-to-one reserves backed by highly liquid assets. Capital and liquidity requirements will be risk-tailored, reflecting each issuer's operational profile. "This proposal balances innovation with prudent oversight," stated Comptroller Jonathan V. Gould, emphasizing the agency's commitment to fostering a sound stablecoin ecosystem.
Jurisdictional clarity emerges as a cornerstone of the proposal, delineating the OCC's purview over specific issuer categories. Separate rulemakings will address ancillary obligations, including Bank Secrecy Act compliance. The MOVE signals accelerating institutional adoption of blockchain-based payment systems, though no direct cryptocurrency mentions appear in the current draft.