The U.S. Office of the Comptroller of the Currency is targeting November to finalize its principal regulations implementing the GENIUS Act, accelerating work on the federal framework that will govern payment stablecoin issuers as the law approaches its effective date. Comptroller of the Currency Jonathan Gould disclosed the timetable Wednesday at the Wyoming Blockchain Symposium, saying the OCC had reviewed industry feedback and was making changes to its February proposal.
“We are very intent on moving quickly and getting a final rule out by November,” Gould said, adding that completing the framework would allow the regulator to begin processing applications in the new year. The OCC published its proposed GENIUS Act regulations on February 25, with the proposal appearing in the Federal Register on March 2. The public comment period closed May 1. The proposed framework spans hundreds of pages and addresses reserve assets, redemptions, risk management, audits and reporting, custody, supervision, issuer applications, foreign stablecoin issuers and circumstances under which regulatory approval can be revoked.
Rules Establish Federal Framework for Stablecoin Issuers
President Donald Trump signed the GENIUS Act into law on July 18, 2025, creating the first dedicated U.S. federal regulatory framework for payment stablecoins. Under the law, permitted issuers must maintain reserves backing their outstanding payment stablecoins on at least a one-to-one basis using eligible assets. The framework also establishes redemption, disclosure and supervisory requirements while dividing oversight among federal and state regulators.
The OCC will play a central role. Its proposal applies to national banks and federal savings associations, qualifying nonbank issuers seeking federal approval, certain state-regulated issuers under OCC jurisdiction and foreign payment stablecoin issuers seeking access to U.S. markets. The agency’s February proposal covers most regulations it is responsible for issuing under the GENIUS Act. Requirements involving the Bank Secrecy Act, anti-money-laundering controls and sanctions compliance are proceeding through separate rulemaking coordinated with the Treasury Department and other banking regulators.
In June, the OCC issued an additional proposal addressing AML, countering the financing of terrorism and sanctions-compliance standards for stablecoin issuers.
November Target Sets Up Applications in 2027
The November timetable is significant because regulators have already passed the GENIUS Act’s original one-year deadline for issuing implementing regulations. The statute directed relevant federal regulators to promulgate rules within one year of enactment, making July 18, 2026 the initial deadline. The OCC, Federal Reserve, Federal Deposit Insurance Corporation and National Credit Union Administration had not completed all required regulations by that date. The law itself becomes effective on the earlier of 18 months after enactment — January 18, 2027 — or 120 days after federal regulators issue their final implementing regulations. Gould’s November target would therefore provide issuers with greater regulatory certainty before the expected 2027 implementation period and allow the OCC to begin evaluating applications under the new regime.
The framework arrives as stablecoins become increasingly integrated into mainstream payments and financial infrastructure. Federal oversight could provide clearer entry routes for banks, fintech companies and crypto firms while imposing standardized reserve, redemption and risk-management requirements. Gould has also emphasized a broader change in the OCC’s approach toward digital assets, arguing that regulators should facilitate responsible financial innovation rather than prevent regulated institutions from participating. For stablecoin companies, the details of the final November rule will now be critical. Changes made in response to industry comments could determine capital requirements, permissible reserve structures, custody arrangements and the compliance burden facing companies seeking federal authorization when applications begin in 2027.