OCC Sets November Deadline for GENIUS Act Stablecoin Regulatory Framework

Key Highlights

• Federal banking regulator establishes November 2026 as the goal for completing GENIUS Act stablecoin framework
• Comptroller Jonathan Gould revealed the timeline during remarks at Wyoming’s SALT conference
• Multiple federal agencies failed to meet the statutory July 2026 implementation deadline
• The OCC has seen an eightfold surge in digital asset-related approvals under current leadership
• Stablecoin regulatory framework scheduled to become operational on January 18, 2027

The Office of the Comptroller of the Currency has established November as its target date for completing the primary regulatory framework for stablecoins under the GENIUS Act, Comptroller Jonathan Gould confirmed.

Speaking at Wyoming’s SALT conference on August 19, Gould revealed that the agency has finished analyzing stakeholder feedback submitted in response to its February regulatory proposal and intends to incorporate this input into the final framework.

“We are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,” Gould stated.

Federal Regulators Behind Schedule

President Donald Trump signed the GENIUS Act into law during July 2025, establishing the nation’s inaugural federal regulatory structure dedicated to payment stablecoins.

The legislation mandated that federal agencies publish implementing regulations within twelve months. However, that July 18, 2026 deadline came and went without final rules from the OCC, Federal Deposit Insurance Corporation, Federal Reserve, or National Credit Union Administration.

A total of ten proposed regulatory measures remained incomplete when the statutory deadline expired. The agencies have not publicly committed to a coordinated timeline for finalizing the outstanding provisions.

According to the GENIUS Act, the regulatory framework becomes effective on January 18, 2027, or 120 days following the publication of final rules by primary regulators—whichever date arrives first.

Scope of OCC’s Regulatory Proposal

The banking regulator’s initial proposal spans 376 pages and addresses the complete lifecycle of payment stablecoins, encompassing issuance procedures, reserve requirements, redemption protocols, custody standards, supervisory oversight, and wind-down procedures for issuers.

Under the OCC’s proposed framework, stablecoin issuers would be required to maintain qualified reserve assets and guarantee redemption at par value. The proposal establishes standards for liquidity management, independent audits, risk mitigation protocols, and regulatory examinations.

The draft framework outlines application procedures for nonbank entities pursuing federal qualified payment stablecoin issuer designation. Additional sections address bank-affiliated subsidiaries, state-chartered issuers, and international entities seeking to serve U.S. consumers.

Surge in Digital Asset Applications

Gould noted that the OCC’s approval activity for digital asset-related applications has multiplied eightfold relative to the previous administration under President Biden.

The agency has processed 40 applications for new bank charters over the last 18 months. According to its publicly accessible licensing database, 13 digital asset-related applications are currently under review, including submissions from Payward, Revolut, and EDX Trust.

Multiple cryptocurrency firms have secured conditional approvals for national trust bank charters since December 2025, including industry leaders Circle, Ripple, Paxos, and BitGo.

Most recently, on August 14, the OCC granted conditional approval to World Liberty Financial for establishing World Liberty Trust Company, which plans to issue and administer the USD1 stablecoin.

Gould emphasized that the agency is concentrating on implementing enacted legislation, identifying the GENIUS Act as its immediate priority ahead of the more comprehensive but legislatively stalled Clarity Act.

Additionally, the Treasury Department released its own related proposal on August 17, establishing criteria for determining when stablecoins qualify as being issued or sold within United States jurisdiction.

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