New OCC GENIUS regulations give banks 89 days
OCC published its GENIUS regs this morning. There’s a lot to unpack in the 700+ page document but, importantly, the regs give stablecoin issuers until January 18, 2027 to come into compliance, only 89 days away. Here are the key takeaways:
A bank charter is not a license to issue stablecoins under GENIUS. The OCC just finalized the process for obtaining that license and isn't yet accepting applications. Unfortunately for issuers, on January 18 it will become illegal to issue a stablecoin in the U.S. without a GENIUS license.
The solution, per OCC Bulletin 2026-51, is that banks that issue stablecoins need to make two licensing filings soon to avoid criminal penalties: they need to file a stablecoin-issuing application PLUS request a waiver from the GENIUS Act's requirement to have a GENIUS license.
The OCC expects to grant the waiver if a stablecoin application is "substantially complete." The OCC has 30 days from filing to decide if an application is substantially complete.
Stablecoin issuers should prepare their applications now and file ASAP so that if there’s a deficiency in the application they have time to correct it and get the waiver before the deadline.
State stablecoin issuers should also prepare and file an OCC application for the waiver. In n.235 of the final rule, the OCC said it expects to get these requests, which implies the federal government does not expect to certify state stablecoin regimes as comparable to GENIUS by January 18.
The final rules provide welcome regulatory clarity for existing stablecoin issuers, who face difficulty obtaining a stablecoin-issuing license by the statute's January 18 deadline. A bank charter is not a license to issue stablecoins. OCC's solution is to invite current issuers--even state issuers--to apply and request a waiver of licensing requirements while OCC reviews the application.
