OCC targets November stablecoin rule completion under GENIUS Act

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OCC stablecoin rule timeline

Highlights

OCC Comptroller Jonathan Gould confirmed at the SALT conference that a finalized stablecoin rule under the GENIUS Act is targeted for November 2025.
The GENIUS Act, signed into law in July 2025, requires stablecoins to be fully backed by U.S. dollars or similar assets and introduces annual issuer audits for those with over $50 billion market capitalization.
OCC prioritizes finalizing the GENIUS Act framework before January 2027, as broader crypto regulation remains uncertain due to delays in the Clarity Act.

Rulemaking timeline and scope

As reported by The Block, OCC Comptroller Jonathan Gould says the banking regulator has reviewed comments and revised its initial proposal as it pushes to issue a final rule by November. Speaking on Wednesday at the SALT conference in Wyoming, Gould says the agency wants the framework in place in time to start handling applications within the new year.

The OCC sought public feedback in February on a 376-page proposal that clarifies the agency’s jurisdiction over stablecoin oversight, including capital and liquidity requirements tied to risk management. Gould says the regulator remains focused on moving quickly even though federal agencies including the OCC and the Federal Deposit Insurance Corporation missed the initial July deadline for finalizing implementing rules.

Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as GENIUS, into law in July 2025. The law establishes a federal framework for stablecoins, requiring full backing by U.S. dollars or similarly liquid assets, annual audits for issuers with market capitalization above $50 billion, and rules covering foreign issuance.

Broader crypto legislation remains uncertain

Gould says the OCC is proceeding on the basis of the GENIUS Act even as wider digital asset legislation remains unresolved in Washington. He says the Clarity Act, a broader bill intended to regulate the industry at the federal level, still faces uncertainty over negotiations tied to Trump’s crypto conflicts of interest and the treatment of stablecoin rewards.

That leaves the GENIUS Act as the clearest near-term framework for the stablecoin segment and increases the importance of the OCC’s timetable for banks and other applicants. With the law already in force and its January 2027 effective date approaching, the agency is signaling that implementation of stablecoin oversight is taking priority over waiting for a broader market structure bill.

In our earlier article on U.S. crypto oversight and the White House’s engagement with industry leaders, we covered how federal regulators were advancing new policy initiatives even as broader legislation remained stalled. We also noted heightened political scrutiny over Trump’s crypto ties and how that backdrop could affect the pace and direction of rulemaking for digital assets.

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