The OCC has released proposed rules to implement the GENIUS Act and is seeking public input

BlockBeats News, February 26th. According to crypto journalist Eleanor Terrett, the Office of the Comptroller of the Currency (OCC) today released a proposed rule implementing the GENIUS Act and is seeking public input. This framework will establish basic rules for OCC-regulated charter stablecoin issuers and foreign payment stablecoin issuers, while also covering certain custody activities.

OCC Acting Comptroller Jonathan Gould stated that the goal of this rule is to establish a system where stablecoins can "thrive in a safe and sound manner." It is worth noting that the rule does not currently include provisions related to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and the Office of Foreign Assets Control (OFAC), which will be addressed separately after coordination with the Treasury Department.