Mark your calendar: January 18, 2027. That’s when the GENIUS Act and the final rule just published by the Office of the Comptroller of the Currency (OCC), the U.S. federal bank supervisor, take effect.

What exactly does it regulate? Requirements for authorized payment stablecoin issuers and foreign issuers subject to its supervision. It also covers certain custody activities of entities supervised by the OCC.

What’s left out: anti-money laundering requirements, bank secrecy, and OFAC sanctions. These will be covered in a separate rule, coordinated with the Treasury Department.

Key points:

• Reserve backing, redemption and risk management standards for issuers.

• The OCC will announce separately when it begins accepting applications from prospective issuers.

• During the consultation, it received hundreds of comments from crypto companies, community banks, industry associations and academics.

• The regulator reserves the right to adjust the framework as the industry evolves.

Treasury Secretary Scott Bessent compares the GENIUS Act to the National Currency Act of 1863: the latter created a national framework for money issued by banks, and this one does the same for payment stablecoins.

My take: with the final rule, the U.S. is moving from written law to enforceable rules. Anyone looking to issue a dollar-denominated payment stablecoin now knows what will be required of them. The anti-money laundering and sanctions component is still missing, and it will have the greatest impact on issuers’ day-to-day operations, along with the date when applications open. Between now and January 2027, we’ll see banks and crypto companies make moves to get ready.

Full analysis at territorioblockchain.com

#Stablecoins #Regulación #GENIUSAct