Wise eyes renewed U.S. charter bid under GENIUS framework
Wise is expected to revise its approach to securing a U.S. banking charter after the Office of the Comptroller of the Currency rejects its application for a national trust bank. The move could align the payments company more closely with the GENIUS Act framework for stablecoins as federal rules remain unfinished ahead of the law's January 2027 effective date.
Highlights
- Wise plans to resubmit its U.S. charter application under the GENIUS Act framework after the OCC rejected its national trust bank application on Tuesday.
- The OCC denied Wise due to insufficient Anti-Money Laundering and Countering the Financing of Terrorism measures and other illicit finance risks.
- The GENIUS Act, effective July 2025, provides a stablecoin-specific regulatory framework, with full implementation pending as regulators missed guidance deadlines for January 2027.
Revised charter strategy after OCC rejection
As reported by Cointelegraph, citing William Blair, Wise is likely to resubmit its U.S. charter application under a GENIUS Act framework rather than alter its broader stance on payment stablecoins. The investment banking group's Friday research note says the company is expected to keep its focus on lowering cross-border transaction costs regardless of the underlying payment rail.The OCC rejects Wise's application on Tuesday to establish a national trust bank, saying the company fails to demonstrate an effective Anti-Money Laundering and Countering the Financing of Terrorism compliance program and faces other illicit finance activity risks. William Blair says Wise remains agnostic about the rail used for payments, even as it adjusts the legal framework for a future application.
Stablecoin rules shape sector competition
The GENIUS Act, signed into law in July 2025, creates a framework for payment stablecoin providers in the United States, although final regulations still need approval from federal agencies. Regulators miss a key deadline last week to issue implementation guidance before the law takes effect in January 2027.After the stablecoin legislation passes, the OCC approves several national trust charter applications from digital asset companies including Circle, Ripple Labs, Crypto.com and Coinbase. Wise does not immediately respond to a request for comment.
The EU-U.S. Joint Financial Regulatory Forum in Brussels highlighted how regulators are aligning their approaches to digital finance, market structure, and cross-border policy spillovers. In our earlier coverage, we noted that discussions included digital asset regulation and the ongoing work to implement the GENIUS Act, alongside AML/CFT reforms and broader efforts to strengthen financial-system resilience.
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