Gould Says OCC Could Issue GENIUS Act Rule by October End

Comptroller Jonathan Gould said Oct. 15 that the Office of the Comptroller of the Currency (OCC) expected to issue its final rule implementing the GENIUS Act before October ends. He described the timing as “in the very near term.” In August, Gould had said the agency expected a final rule by November.

The OCC’s Feb. 25 proposal applies to payment stablecoin issuers under its jurisdiction. It addresses reserve requirements, redemptions, audits, reporting and supervision. The GENIUS Act became law July 18, 2025.

The law takes effect Jan. 18, 2027, or 120 days after primary federal payment stablecoin regulators issue final implementing regulations, whichever comes first.

Separately, the New York State Department of Financial Services (DFS) and Wyoming Department of Audit, Banking Division announced an agreement to coordinate oversight of digital asset and virtual currency activities in either state or both. The agreement took effect Sept. 23 and was announced Oct. 1. It allows the agencies to share supervisory information, coordinate examination schedules and conduct joint examinations where practical.

The memorandum keeps regulatory authority with each agency and does not set federal stablecoin standards. It also grants no enforceable rights to the agencies or third parties. Its scope includes licensing and charter approvals, enforcement matters, regulatory frameworks and staff exchanges. The agreement’s terms and review process appeared in earlier coverage.

A firm licensed or chartered in one state for at least three years may qualify for expedited review in the other if it has no enforcement action and proposes a sufficiently similar business model. The receiving regulator will endeavor to decide within six months after receiving the application or requested examination history, whichever comes later.

When the agreement was announced, DFS Acting Superintendent Kaitlin Asrow said, “Interstate collaboration is essential for the virtual currency space.”