The Office of the Comptroller of the Currency plans to finalize its stablecoin rules under the GENIUS Act by November, according to Comptroller Jonathan Gould. The agency missed an initial July deadline but wants the rule in place before the law's January 2027 effective date so it can start processing applications next year.
The OCC is pushing to get its stablecoin rulebook finished by November, Comptroller Jonathan Gould said Wednesday at the SALT conference in Wyoming. The rule would implement the GENIUS Act, the federal stablecoin law President Donald Trump signed last year.
Gould said the OCC reviewed public comments and revised its initial proposal. The agency opened its 376-page draft rule for feedback in February, spelling out its jurisdiction over stablecoin regulation and setting capital and liquidity requirements for risk management.
Agencies missed the July deadline
Regulators including the OCC and the Federal Deposit Insurance Corporation were supposed to finalize their rules by July but missed that deadline. Gould said the OCC will still get its rule out before the GENIUS Act's January 2027 effective date.
Trump signed the GENIUS Act into law in July 2025, establishing a federal framework that requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets. The law mandates annual audits for issuers with a market capitalization above $50 billion and sets guidelines for foreign issuance.
Clarity Act faces a tougher road
Lawmakers have since shifted attention to the Clarity Act, broader legislation meant to regulate the crypto industry at the federal level. That bill has repeatedly stalled and looks unlikely to pass this year unless negotiations move forward on Trump's crypto conflicts of interest and the treatment of stablecoin rewards.
Gould said he does not know how the Clarity Act process will end. According to The Block: "That's been law for over a year now, and we need to execute on that." He added that the OCC cannot wait on the Clarity Act's outcome to act on the law already in place.
Source: The Block
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