Months after another federal banking regulator – and the federal credit union regulator — issued a proposal to implement new laws allowing banks to issue stablecoins through subsidiaries, the national bank regulator has now done the same, it said late Wednesday.
In a release, the Office of the Comptroller of the Currency (OCC) said it issued a proposal to apply the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The legislation was passed last year; the Federal Deposit Insurance Corp. (FDIC) issued its proposal for regulations implementing the law in December, the National Credit Union Administration (NCUA) did so earlier this month.
Under the law, the regulators are required to receive and review applications and to issue implementing regulations establishing the application process for issuing stablecoins, including by subsidiaries.
The OCC said its proposal outlines rules that would apply “to permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction as well as certain custody activities conducted by OCC-supervised entities.”
The agency said it would coordinate with other agencies responsible for implementing aspects of the GENIUS Act.
“The proposed rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, Anti-Money Laundering, and Office of Foreign Asset Control sanctions, which will be addressed in a separate rulemaking in coordination with the Department of Treasury,” the OCC said.
Comments from the public are due 60 days from the date of publication in the Federal Register.
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