The Office of the Comptroller of the Currency (OCC) is issuing a notice of proposed rulemaking to implement Bank Secrecy Act (BSA) and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers (PPSI), as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Comments on the proposed rule will be accepted for 30 days after publication in the Federal Register.
The proposed rule would apply to federal qualified payment stablecoin issuers and to state qualified payment stablecoin issuers for which the OCC has regulatory or enforcement authority pursuant to the GENIUS Act.
The proposed rule would