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OCC urges community banks to apply as payment stablecoin issuers under GENIUS Act

The US banking regulator has finalised its rules for the GENIUS Act and is encouraging community banks to seek permission to issue payment stablecoins before the law takes effect in January.

InvestIn.News NewsDesk · 1 min read
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Picture from Cointelegraph for: OCC urges community banks to apply as payment stablecoin issuers under GENIUS Act
Image: Cointelegraph
Original reporting: Turner Wright, Cointelegraph

Key points

  • The OCC finalised its GENIUS Act rules in the week of 19 October, with enforcement due to start in January
  • The regulator said interested community banks could apply themselves or through a subsidiary to become permitted payment stablecoin issuers
  • The Independent Community Bankers of America sued the OCC earlier in October over charter approvals for crypto companies

The Office of the Comptroller of the Currency is urging community banks to apply to become payment stablecoin issuers under the GENIUS Act, Cointelegraph reports. In a Monday post on X, the regulator said it wanted to encourage payment stablecoin capabilities within the community banking sector, pointing to its newly finalised rules for the law.

The OCC said interested community banks should consider applying to become a permitted payment stablecoin issuer, or to have a subsidiary do so. The GENIUS Act, which sets out rules for stablecoin issuance in the US, is due to be enforced from January. The regulator finalised its rules for the bill in the week of 19 October.

What to watch: The GENIUS Act's stablecoin rules are due to be enforced from January.

Read the full story on Cointelegraph

Live updates on NewsFeeds:StablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Cointelegraph’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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