The Office of the Comptroller of the Currency denied Wise’s application for a US national trust bank charter, and the company said it will refile under the GENIUS Act stablecoin framework. Wise shares fell about 10% on the day it disclosed the decision. A Federal Reserve pause on master accounts for uninsured trust banks and earlier AML findings both weighed on the application.
Wise disclosed on July 24, 2026 that the OCC had denied its US national trust bank application, and said it would resubmit under the GENIUS Act stablecoin framework. According to Crypto Daily, an approved charter along those lines could give the company a legal lane to issue a dollar token with bank-grade supervision.
Investors absorbed the news fast, and the stock dropped about 10% on the day. Crypto Daily reads that move as investors pricing in charter uncertainty.
Why the first application did not clear
Two factors sit behind the denial, broadly split between structure and history. On structure, Wise pointed to a Federal Reserve move in May 2026 that effectively paused granting master accounts to uninsured trust banks.
On history, regulators took note of past compliance weaknesses, including a multi-state consent order in July 2025 tied to AML/CFT controls. That baggage does not automatically sink an application, Crypto Daily notes, but it means remediation has to be airtight.
What a GENIUS-aligned charter could allow
The GENIUS framework is a federal stablecoin regime that would give national banking supervisors a formal lane to oversee dollar-token issuance, and Wise is trying to fit under that umbrella. An approved charter could bring OCC-supervised issuance and custody of stablecoin reserves, national reach, and clearer prudential oversight.
However, the shape of the thing is not a finalized rulebook. Crypto Daily cautions that the details are policy-in-motion, and that specific provisions can change as drafts move or agencies interpret them.
The Fed still decides master accounts
Even if the OCC signs off on a refiling, the Federal Reserve controls master account access. That is the difference between parking reserves at the central bank and relying on commercial banks or short-duration Treasuries through custodians.
Crypto Daily describes the Fed’s stance as a moving policy target rather than a permanent ban. A charter can make the master account conversation possible; it does not guarantee the outcome.
Source: Crypto Daily
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