U.S. OCC Releases Proposed Rules for Implementing the "GENIUS Act," Seeks Public Comment

Odaily News: Crypto journalist Eleanor Terrett posted on platform X, stating that the U.S. Office of the Comptroller of the Currency (OCC) today released proposed rules for implementing the GENIUS Act and is seeking public comment. This framework will establish basic rules for OCC-regulated institutions authorized to issue foreign payment stablecoins and for certain custody activities. Comptroller Jonathan Gould stated that the goal is to create a system where stablecoins can "flourish in a safe and sound manner." It does not include BSA/AML and OFAC provisions, which will be addressed separately in coordination with the Treasury.