Key Highlights
- Federal banking supervisor targets November completion for GENIUS Act stablecoin framework
- Comptroller Jonathan Gould revealed timeline at Wyoming’s SALT conference
- Multiple federal agencies failed to meet July 2026 implementation deadline
- Digital asset application processing has surged eight times compared to previous administration
- Stablecoin regulatory framework scheduled to launch January 18, 2027
The Office of the Comptroller of the Currency has announced its intention to complete the primary GENIUS Act stablecoin regulations by November, as stated by Comptroller Jonathan Gould.
Speaking at Wyoming’s SALT conference on August 19, Gould revealed that the agency has finished analyzing public commentary received on its February regulatory proposal and intends to incorporate stakeholder input into the finalized framework.
“We are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,” Gould said.
Regulatory Agencies Failed to Meet Statutory Timeline
President Donald Trump signed the GENIUS Act into law during July 2025, establishing America’s inaugural federal regulatory structure designed specifically for payment stablecoins.
The legislation mandated federal supervisors to publish implementation regulations within twelve months. However, that statutory deadline expired on July 18, 2026, with the OCC, Federal Deposit Insurance Corporation, Federal Reserve, and National Credit Union Administration failing to finalize all mandated regulations.
A total of ten proposed regulatory measures remained incomplete when the deadline elapsed. Regulators have yet to establish a unified schedule for finalizing the outstanding requirements.
The GENIUS Act regulatory structure is slated to become operational on January 18, 2027, or 120 days following the publication of final rules by primary regulators, whichever date arrives first.
Scope of OCC Regulatory Framework
The OCC’s initial regulatory proposal spans 376 pages and addresses the complete operational lifecycle of payment stablecoins, encompassing issuance procedures, reserve requirements, redemption mechanisms, custody standards, supervisory oversight, and issuer wind-down protocols.
Stablecoin issuers operating under OCC jurisdiction would be required to maintain eligible reserve assets and provide redemptions at par value. The draft framework also establishes standards for liquidity management, independent audits, risk management systems, and regulatory examinations.
Application procedures are detailed for nonbank entities pursuing federal qualified payment stablecoin issuer designation. Additional provisions address bank subsidiaries, state-qualified issuers, and international issuers seeking to serve United States customers.
Surge in Licensing Activity
Gould also disclosed that digital asset approval activity at the OCC has multiplied eightfold relative to the Biden administration era.
The agency has processed 40 de novo banking applications during the last 18 months. Its publicly available licensing dashboard currently shows 13 pending digital asset applications, featuring submissions from Payward, Revolut, and EDX Trust.
Multiple cryptocurrency firms have secured conditional national trust bank authorizations since December 2025, including Circle, Ripple, Paxos, and BitGo.
Most recently, on August 14, the OCC granted conditional approval to World Liberty Financial for establishing World Liberty Trust Company, which would issue and administer the USD1 stablecoin.
Gould emphasized the OCC’s commitment to implementing existing legislation, identifying the GENIUS Act as the agency’s immediate priority over the more comprehensive but stagnant Clarity Act.
Additionally, the Treasury Department published related regulatory proposals on August 17 addressing the criteria for determining when stablecoins are considered issued or sold within United States jurisdiction.
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