Regulator Drafts GENIUS Act Implementation Proposal, Seeks Public Comment

The Office of the Comptroller of the Currency (OCC) has proposed rules for the implementation of the GENIUS Act, a major U.S. stablecoin framework. The proposal outlines how national regulators would oversee payment stablecoin issuers and related custody activities. The move marks another step toward formalizing stablecoin regulation in the U.S.

A Framework For Stablecoin Oversight

According to the agency’s press release on February 25, the proposed rules would define how permitted payment stablecoin issuers operate under OCC supervision. The framework would also apply to certain foreign issuers and custody services provided by OCC-regulated entities.

The proposal is designed to translate the legislative goals of the GENIUS Act into operational rules for regulated institutions. Officials said the framework aims to balance innovation with safety, providing clearer expectations for how stablecoins can function within the traditional financial system.

Comptroller of the Currency Jonathan V. Gould stressed that the agency is seeking industry input to refine the final rule, emphasizing the need for a structure that is both practical and adaptable. As he said:

“The OCC has given thoughtful consideration to a proposed regulatory framework in which the stablecoin industry can flourish in a safe and sound manner. (…) We welcome feedback on the proposal to inform a final rule that is effective, practical, and reflects a broad industry perspective.”

Why this matters for crypto

Stablecoin regulation has become one of the most closely watched policy areas in digital assets. As stablecoins increasingly underpin trading, payments, and tokenized finance, regulators have faced pressure to clarify how issuers should be supervised.

The OCC’s proposal focuses specifically on prudential oversight, including issuer requirements and custody standards. Separate rulemaking tied to anti-money laundering and sanctions compliance is expected to follow in coordination with the Treasury Department.

The agency has opened a 60-day public comment period, signaling that the framework is still in development and subject to revision based on industry feedback.

Taken together, the move reflects growing momentum behind stablecoin-specific regulation in the U.S. Rather than relying on patchwork guidance, regulators are increasingly moving toward formal frameworks that could shape how banks and fintech firms engage with digital dollar infrastructure in the years ahead.

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