Treasury proposes rulemaking for licensing payment stablecoin issuers
What's happening
The Treasury Department released proposed rulemaking to require digital asset providers to obtain a federal or state license before issuing payment stablecoins, part of implementing the GENIUS Act. Treasury is also seeking public comment on a proposed framework for deciding when a payment stablecoin issuer needs a GENIUS license and on how and when payment stablecoins can be offered and sold in U.S. markets. Meanwhile the OCC says it is targeting November for a final rule implementing the GENIUS Act, with Comptroller Jonathan V. Gould saying work began before the President signed the bill. Regulators are tightening oversight of banking-as-a-service (BaaS) partnerships at the same time, increasing fines, transparency demands and scrutiny of BaaS relationships.
Why it's trending
Because the GENIUS Act implementation clock is speeding up (Treasury proposals plus an OCC final rule targeted for November) while regulators ramp up scrutiny of BaaS ties.
SignalHolding at its usual pace, confirmed across 2 independent source types.
Story volume
Stories per dayAngles you could write
If you think 'move fast and ship' still works for stablecoins, Treasury just made that strategy illegal for issuers without a license, and the OCC wants final rules by November.
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Original sources5
- OCC Races the Clock to Finish GENIUS Act Stablecoin Rules
U.S. banking regulators are racing the clock to complete a new federal rulebook for payment stablecoins before the GENIUS Act takes effect in January. The Office of the Comptroller of the Currency (OCC) is now targeting November for its final regulations. Comptroller of the Currency Jonathan Gould told the Wyoming Blockchain Symposium that the OCC […] The post OCC Races the Clock to Finish G
PYMNTSAug 20 - OCC Promises Final Rule for GENIUS Act by November
The Office of the Comptroller of the Currency (OCC) will have a final rule implementing the GENIUS Act out by November, Comptroller of the Currency Jonathan V. Gould said Wednesday (Aug. 19) at the Wyoming Blockchain Symposium. “We were working on the rule even before the President actually signed the bill into law,” Gould said, according to excerpts released by the OCC. […] The post OCC Pro
PYMNTSAug 19 - GENIUS Act rulemaking and rising BaaS scrutiny: is this the beginning of the end for "move fast" fintech launches?
Treasury opened public comment on GENIUS Act implementation this month, right around the same time regulators are tightening oversight on banking-as-a-service partnerships (fines, more transparency demands, closer scrutiny of BaaS relationships). Feels like we're at an inflexion point, the era of launching a neobank or stablecoin product fast and figuring out compliance later is closing. A few thi
r/fintechAug 20
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