The Office of the Comptroller of the Currency (OCC) has issued a proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The notice of proposed rulemaking generally sets forth, and seeks comment on, the regulations that would apply to permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction as well as certain custody activities conducted by OCC-supervised entities.

The proposed rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, Anti-Money Laundering, and Office of Foreign Asset Control sanctions, which will be addressed in a separate rulemaking in coordination with the Department of Treasury. The OCC will continue to coordinate with other agencies responsible for implementing aspects of the GENIUS Act.

Comments from the public are due 60 days from the date of publication in the Federal Register.

Click Read More below to see the complete press release.