The Office of the Comptroller of the Currency plans to issue its final rules implementing the GENIUS Act by November, Comptroller of the Currency Jonathan Gould said during a fireside chat at the Wyoming Blockchain Symposium in Jackson Hole on August 19.

Gould stated the agency is focused on speed after reviewing industry comments on its earlier proposal. He said the office will have a final rule out by November so that it can begin processing applications within the new year.

Missed Statutory Deadline Creates Tight Schedule

President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act, on July 18, 2025. The law directed federal agencies to finalize implementing regulations within one year. That deadline of July 18, 2026, passed without completed OCC rules.

The payment stablecoin framework itself takes effect on January 18, 2027, or 120 days after the primary federal regulators issue final rules, whichever comes first. Meeting a November target would still leave the OCC ahead of the law’s effective date, allowing the agency to process issuer applications early in 2027.

Gould noted that the CLARITY Act remains uncertain in Congress. He said the OCC must execute on the GENIUS Act, which has been law for more than a year.

Scope of the February Proposal

In February the OCC released a 376-page proposed rulemaking that sets out its authority over payment stablecoins. The draft addresses the full operating cycle, including issuance, reserve management, redemption at par, liquidity requirements, risk controls, audits, reports, custody arrangements, supervision, and orderly wind-down procedures.

The proposal covers federally qualified nonbank issuers, subsidiaries of national banks and federal savings associations, certain state-qualified issuers under OCC authority, and pathways for foreign issuers seeking U.S. market access. Capital and operational standards are also included, though final details may shift after public input. The comment period closed on May 1.

Anti-money-laundering, Bank Secrecy Act, and sanctions provisions were left for separate rulemaking coordinated with the Treasury Department. The FDIC, National Credit Union Administration, and other agencies have advanced aligned proposals. On August 17 the Treasury Department issued a notice of proposed rulemaking on section 3 of the GENIUS Act and invited further public comment.

Surge in Digital Asset Charter Applications

Gould linked the rulemaking timeline to rising demand for federal banking charters that include digital asset activities. Since the current administration took office roughly 18 months ago, the OCC has received 40 new bank charter applications. Twenty-three of those incorporate some form of digital asset business.

That total represents an eightfold increase compared with the four applications recorded during the prior administration. Gould described the shift as evidence of where the industry is heading and characterized earlier efforts to remove risk entirely from the banking system as extremely shortsighted.

The OCC’s licensing tracker has shown multiple pending digital asset applications, including proposed national trust banks. The agency has indicated it often acts on complete charter applications within 120 days, though preliminary approval does not authorize an institution to begin operations.

Broader Regulatory Context

Once the GENIUS Act provisions take effect, only permitted issuers will be authorized to offer payment stablecoins to U.S. customers. Digital asset service providers will be restricted from distributing noncompliant stablecoins. Federal and state regulators will share oversight according to an issuer’s structure, with the OCC responsible for federally qualified nonbank issuers and certain bank subsidiaries.

Finalizing the OCC rules in November will not by itself trigger the 120-day countdown under the statute. Other primary regulators must also complete their rulemakings. Still, the November target is intended to reduce uncertainty for companies preparing to operate under the new federal framework.