Hassan Maishera
TL;DR
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The OCC plans to finalize its GENIUS Act stablecoin regulations by November.
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Comptroller Jonathan Gould said the agency wants to begin processing applications in early 2027.
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The rules will clarify the OCC’s jurisdiction and establish capital, liquidity and risk-management requirements.
The Office of the Comptroller of the Currency is accelerating efforts to finalize regulations implementing the United States’ landmark stablecoin law by November, according to Comptroller Jonathan Gould.
Speaking at the annual SALT conference in Wyoming on Wednesday, Gould said the banking regulator had reviewed public feedback and made changes to its initial proposal.
The OCC aims to complete the final rule in time to begin processing stablecoin-related applications early next year.
“We are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,” Gould said.
OCC Revises Stablecoin Proposal After Public Feedback
In February, the OCC requested public comments on a 376-page proposal explaining how it plans to supervise stablecoin issuers under the GENIUS Act.
The proposed rule clarifies the regulator’s jurisdiction over the industry and outlines requirements covering capital, liquidity and risk management.
Gould said the OCC has received comments and revised its proposal but did not specify which provisions had changed.
Finalizing the framework would allow the agency to begin reviewing applications from companies seeking authorization to issue regulated stablecoins under the new federal regime.
President Donald Trump signed the GENIUS Act into law in July 2025. Formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, the legislation created the country’s first comprehensive federal regulatory framework specifically for payment stablecoins.
The law requires issuers to back their tokens fully with US dollars or similarly liquid assets. It also introduces annual audit requirements for companies with more than $50 billion in market capitalization and establishes rules for foreign stablecoin issuers serving US customers.
The framework is intended to strengthen consumer protections while giving stablecoin companies clearer guidelines for operating in the US.
The GENIUS Act directed the OCC, Federal Deposit Insurance Corporation and other agencies to finalize their implementing regulations by July.
However, regulators missed the initial deadline as they continued working through the rulemaking process.
While federal agencies frequently take longer than expected to implement new legislation, Gould said the OCC remains on course to publish its final rule before the GENIUS Act takes effect in January 2027.
Meeting the November target would give regulators and prospective issuers a limited preparation period before the framework becomes operational.
Clarity Act Faces Uncertain Path Through Congress
After approving the GENIUS Act, lawmakers shifted their attention to the Clarity Act, a broader bill intended to establish a comprehensive federal regulatory structure for the cryptocurrency industry.
The legislation has encountered repeated obstacles and appears unlikely to become law this year unless lawmakers resolve disagreements surrounding Trump’s cryptocurrency interests and the regulatory treatment of stablecoin rewards.
The Clarity Act could also clarify the respective roles of federal agencies in overseeing digital asset markets. However, the uncertain legislative timeline means regulators cannot rely on its passage when implementing existing laws.
Gould acknowledged that the final form and timing of the Clarity Act remain uncertain.
“We don’t know if or when or what may be the end result of that process, the Clarity Act that is,” Gould said.
He emphasized that the OCC already has a clear mandate under the GENIUS Act, which has been law for more than a year.
“What we have is the GENIUS Act,” Gould said. “That’s been law for over a year now, and we need to execute on that.”
By completing its rules in November, the OCC would take a significant step toward opening the federal application process and establishing operational standards for regulated stablecoin issuers in the US.
