The Office of the Comptroller of the Currency (OCC) has issued a detailed proposal to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and is now seeking public feedback. Comptroller of the Currency Jonathan V. Gould stated that the proposal offers a thoughtful regulatory framework in which the stablecoin industry can flourish in a safe and sound manner.
The GENIUS Act, enacted in July 2025, is the first federal regulatory framework for payment stablecoins in the United States. The OCC's 376-page proposal clarifies its jurisdiction, stating it will have authority over specific issuers, including subsidiaries of national banks, federal and state qualified payment stablecoin issuers, and foreign stablecoin issuers.
The proposal stipulates key standards mandated by the Act. These include reserve requirements of at least one-to-one backing with identifiable, highly liquid assets. Capital and liquidity requirements for issuers will be tailored on a case-by-case basis depending on the issuer's risk profile. Issuers must also redeem stablecoins at par value within two business days and maintain a robust, principles-based risk management system covering operational transitions, cybersecurity, and third-party risks.
The OCC is providing a 60-day window for public feedback on the proposal. This effort is part of a broader, coordinated rulemaking process involving other primary regulators, including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration. The FDIC has extended its related stablecoin comment period to May 18, 2026, to encourage wider participation.
According to the proposal, the GENIUS Act’s effective date is the earlier of 18 months after its enactment (which would be January 18, 2027) or 120 days after the primary regulators issue their final implementing regulations. The OCC emphasized that anti-money laundering provisions will be addressed in a separate, coordinated rulemaking with the Department of the Treasury.
