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The OCC is pushing to publish its final stablecoin rules by November so it can begin processing applications within the new year, Comptroller Jonathan Gould said at the SALT conference in Wyoming on Wednesday. The banking regulator has folded public-comment feedback into revisions to its initial 376-page rule, which sets capital and liquidity requirements for issuers and clarifies the OCC's jurisdiction over stablecoin regulation.
Why it matters
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed by President Trump in July 2025, is the first federal regulatory framework for stablecoins in the U.S. It requires issuers to fully back tokens with U.S. dollars or similarly liquid assets, mandates annual audits for issuers with market capitalizations above $50 billion, and sets guidelines for foreign issuance. The OCC, FDIC, and other agencies were directed to finalize rules by July but missed that deadline. Gould's November target keeps the January 2027 effective date intact.
Market impact
A finalized OCC framework would unlock the queue of U.S. banks and payment companies waiting on regulatory clarity before issuing or custodying stablecoins at federal level. The broader Clarity Act, which addresses crypto market structure, has stalled in Congress over Trump's crypto conflicts of interest and the treatment of stablecoin rewards. Gould acknowledged the larger bill's uncertain path and framed GENIUS execution as the agency's priority: 'What we have is the GENIUS Act. That's been law for over a year now, and we need to execute on that.'
Frequently asked questions
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What is the GENIUS Act?
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed by President Trump in July 2025, is the first federal regulatory framework for stablecoins in the U.S., requiring full dollar backing and setting issuer standards.
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When will the OCC finalize its stablecoin rules?
OCC Comptroller Jonathan Gould said the agency is targeting November to finalize its rules, in time to begin processing applications within the new year and ahead of the GENIUS Act's January 2027 effective date.
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What does the GENIUS Act require stablecoin issuers to do?
It requires issuers to fully back tokens with U.S. dollars or similarly liquid assets, mandates annual audits for issuers with market caps above $50 billion, and sets guidelines for foreign issuance.
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Why did the OCC and other agencies miss the original July deadline?
The OCC, FDIC, and other agencies were directed to finalize rules by July but missed that initial deadline. Gould's November target is intended to keep the January 2027 effective date intact.
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What is the Clarity Act and how does it differ from GENIUS?
The Clarity Act is a separate, broader piece of legislation that would regulate the crypto market structure at the federal level. It has stalled in Congress over Trump's crypto conflicts of interest and the treatment of stablecoin rewards.
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