US OCC issues proposed rulemaking for GENIUS Act

The U.S. Office of the Comptroller of the Currency (OCC) has published a Notice of Proposed Rulemaking (NPRM) to implement the GENIUS Act for stablecoin regulation and is now seeking public comment. The proposal outlines regulations applicable to issuers of domestic and international payment stablecoins, as well as custody activities for institutions under the OCC's jurisdiction. However, the notice excludes provisions related to the Bank Secrecy Act (BSA), anti-money laundering (AML), and sanctions enforced by the Treasury's Office of Foreign Assets Control (OFAC). The public comment period will remain open for the next 60 days.