OCC’s Stablecoin Saga: GENIUS Act or Just Another Paper Tiger?

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Key Takeaways (Because Who Has Time for the Whole Story?):

  • The OCC has unleashed a proposed rule under the GENIUS Act, because apparently, stablecoins needed more paperwork.
  • It covers both domestic and foreign stablecoin issuers, because why limit the fun to just one country?
  • Custody activities are in the mix, because someone’s got to watch the digital piggy bank.
  • BSA/AML and OFAC? Not included. They’re getting their own party later with the Treasury.

This earth-shattering development was brought to us by the ever-vigilant Eleanor Terrett via X, because nothing says “breaking news” like a tweet.

🚨NEW: The OCC issued a proposed rule to implement the GENIUS Act today and is seeking public comment. (Because what’s a rule without a little public whining?)

The framework would establish ground rules for permitted and foreign payment stablecoin issuers under OCC supervision, along with certain custody activities. (Ground rules? More like quicksand rules.)

Comptroller… (Cue dramatic pause for effect.)

– Eleanor Terrett (@EleanorTerrett)

The draft framework aims to set operating standards for U.S. stablecoin issuers and their foreign cousins, all while keeping an eye on custody activities related to stablecoin reserves. (Because nothing says “innovation” like more regulations.)

Comptroller Jonathan Gould assures us the goal is to let stablecoins “flourish in a safe and sound manner,” which sounds suspiciously like a parent saying, “Go play outside, but don’t get hurt.”

Scope and Limitations (Or: What’s Missing from the Party)

Conspicuously absent from this proposal are the Bank Secrecy Act (BSA), anti-money laundering (AML), and Office of Foreign Assets Control (OFAC) provisions. (They’re probably off sulking in a corner, waiting for their own invitation.)

By separating prudential supervision from sanctions and financial crime compliance, regulators are basically saying, “Let’s tackle one headache at a time.”

This proposed rule is just the latest in a series of federal attempts to wrangle stablecoins into the U.S. banking system. (Because nothing says “financial innovation” like fitting a square peg into a round hole.)

If adopted, the framework could finally give banks and fintech firms some clarity on issuing or custodying dollar-pegged digital tokens. (Clarity? In crypto? Now that’s a stablecoin miracle.)

Public comments are open, so feel free to add your two cents-or your two stablecoins-to the mix. (Just don’t expect them to actually listen.)

Disclaimer: This article is for entertainment purposes only. If you’re looking for financial advice, you’re in the wrong place. Always do your own research and consult a professional before diving into the crypto abyss. Coindoo.com is not responsible for your poor life choices.

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2026-02-26 13:38