U.S. Office of the Comptroller of the Currency Publishes Proposed Regulations for Payment Stablecoins Under the Genius Act

The U.S. Office of the Comptroller of the Currency (OCC) announced on the 26th the Notice of Proposed Rulemaking (NPRM) aimed at implementing last year's Genius Act, initiating a period for public comment. The proposed rules target subsidiaries of national banks and federal savings banks, federal branches, foreign payment stablecoin issuers, and non-bank entities aspiring to become federally qualified stablecoin issuers. The proposal comprehensively covers regulatory requirements set by the OCC, including adherence to the Bank Secrecy Act...