Bank regulator to effect GENIUS Act from January 18 next year
The Office of the Comptroller of the Currency on Wednesday announced the final rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, effective January 18, 2027.
The final rule establishes requirements for issuers under the OCC's jurisdiction as well as certain custody activities conducted by its supervised entities.
The rules, approved by the Federal Deposit Insurance Corporation board, establish a prudential framework, laying out guidelines on requirements related to reserve assets, redemption, capital, and risk management standards.
It also clarifies requirements related to custodial and safekeeping services, and whether eligible tokenized deposits can be treated as any other types of deposits.
"We are providing a clear, practical framework for payment stablecoin innovation, with strong standards for reserve backing, redemption, and risk management," said Comptroller of the Currency Jonathan Gould.
"Just as President Abraham Lincoln's National Currency Act of 1863 established a national framework for bank-issued currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age," said U.S. Secretary of the Treasury Scott Bessent.
More on GENIUS Act
- U.S. regulator approves rules that implement certain GENIUS Act requirements
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