OCC Proposes Rule to Implement GENIUS Act, Seeks Public Comment

The Office of the Comptroller of the Currency (OCC) unveiled a comprehensive proposed rule to implement the GENIUS Act, marking a major step toward federally supervised stablecoin activity in the United States and opening the proposal to public comment ^[1][6].

The proposal outlines how banks, nonbank entities and certain foreign issuers could operate payment stablecoins under U.S. banking supervision, and includes provisions covering custody activities tied to stablecoins ^[3][2].

The OCC’s draft would ban yield on payment stablecoins and creates a rebuttable presumption against common issuer–affiliate reward structures, an approach intended to settle debates over stablecoin yield and related incentives ^[5][4].

Certain compliance areas — including Bank Secrecy Act/anti‑money laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) provisions — are not covered in the OCC text and will be addressed separately in coordination with Treasury, the agency said ^[2][1].

The OCC’s proposal now enters a public feedback stage as regulators and market participants evaluate the mechanics, safety standards and supervision model laid out in the rulemaking ^[6][1].