The GENIUS Act became law in 2025, but rules drafted by various regulators were supposed to take effect on July 18, 2026.
Today, American Fintech Council published a statement on the subject. Office of the Comptroller of the Currency and AML/CFT requirements. Here’s the OCC’s proposal: can be seen here. Requirements include high-quality reserves such as cash and treasury bills and a path to becoming a manager. allowed payment stablecoin issuer(PPSI).
AFC Policy Director Ian P. Moloney said:
“The American Fintech Council (AFC) commends the OCC for the GENIUS Act’s advancement of a thoughtful framework for implementing anti-money laundering (AML), countering the financing of terrorism (CFT), and sanctions compliance requirements for permitted payment stablecoin issuers. Once the proposal is finalized, it will be important to establish a coordinated federal supervisory framework consistent with existing Bank Secrecy Act, FinCEN, and OFAC requirements to ensure regulatory consistency and strengthen protections against illicit financing.”
“The final rule should also provide clear, risk-based audit expectations that promote effective compliance, regulatory certainty, and continuous improvement, while also preventing unnecessary duplication of existing compliance obligations. Additionally, the framework should remain technology-neutral, allowing organizations to use compliance technologies and risk management tools that best suit their business models.”
“AFC appreciates the opportunity to provide feedback on the proposed rule and looks forward to continuing to work with the OCC to support a modern regulatory framework that will strengthen the long-term security of the U.S. payment stablecoin market.”
