N/A — Industry Rulemaking

The OCC published a proposed rule establishing AML/CFT and sanctions compliance risk management requirements for payment stablecoin activities. The rule is framed as implementing the GENIUS Act's requirements for permitted payment stablecoin issuers. The American Fintech Council's Chief Policy Officer Ian P. Moloney issued a public statement responding to the proposal. This rulemaking directly concerns fintech compliance expectations and may affect banks involved in stablecoin issuance or custody. The proposed rule signals the OCC's intent to formalize supervisory expectations for banks engaging in stablecoin-related activities.

Verified from source: The AFC issued a statement commending the OCC for advancing a proposed rule to implement the GENIUS Act's AML/CFT and sanctions compliance requirements for permitted payment stablecoin issuers, and provided feedback on the proposal.