OCC Finalizes GENIUS Act Implementation Rules

The Office of the Comptroller of the Currency (OCC) has finalized the implementation rules for the GENIUS Act, applicable to licensed payment stablecoin issuers, foreign issuers under OCC jurisdiction, and certain custodial activities of regulated entities, covering reserve support, redemption, and risk management. Treasury Secretary Scott Bessent described the legislation as a watershed moment for the U.S. financial industry, drawing parallels to the National Currency Act of 1863. The final rules do not incorporate provisions from the Bank Secrecy Act, anti-money laundering, and OFAC sanctions, which will be addressed through subsequent rules coordinated with the Treasury Department. The GENIUS Act was signed into law in July 2025, and regulators failed to finalize the rules by the July 18, 2026 deadline; the Federal Reserve proposed two related rules in September 2026. Both the GENIUS Act and the OCC final rules are set to take effect on January 18, 2027, and the OCC has not yet announced when it will accept applications and exemption requests from issuers.

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