The U.S. Office of the Comptroller of the Currency proposed a regulatory framework to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, outlining requirements for stablecoin issuers and for certain stablecoin-related custody activities. 

In a notice of proposed rulemaking that would amend several OCC regulations, the agency said it is seeking comment on rules that would apply to “permitted payment stablecoin issuers” and “foreign payment stablecoin issuers” under the agency’s jurisdiction.

The proposal includes requirements addressing the management, composition, and reporting of reserves backing payment stablecoins, as well as redemption requirements, capital requirements, custody requirements, and ongoing audits, reporting, and supervision. 

Among other provisions, the proposed rule contemplates regular examinations of supervised stablecoin issuers and recurring reporting, including confidential weekly reporting and public-facing reserve reporting subject to accounting-firm review and executive certifications. 

The proposal does not cover Bank Secrecy Act, anti-money-laundering, or sanctions rules related to stablecoins, and the agency said those issues will be addressed in a separate rulemaking coordinated with the Treasury Department. 

Read more at the OCC