Debevoise & Plimpton LLP has updated its Guide to the GENIUS Act to include the recently published OCC final implementing rules, the U.S. Treasury Department’s proposed rulemaking on the extraterritorial scope of the GENIUS Act and other recent rule proposals under the Act. The updated Guide also includes our observations on key issues and on the potential implications and opportunities for the banking industry. The key takeaways from the Guide, which was authored by lawyers from the firm’s Banking and National Security Groups, include:
- The GENIUS Act, signed into law on July 18, 2025, establishes the first federal statutory framework for payment stablecoins, introducing licensing, reserve, disclosure and compliance requirements for permitted payment stablecoin issuers.
- The OCC has issued final rules to implement the majority of its responsibilities to regulate and supervise payment stablecoin issuers under the GENIUS Act and is the first federal regulator to finalize substantive prudential requirements under the GENIUS Act. The OCC’s final rules cover requirements for both domestic and foreign payment stablecoin issuers.
- Other agencies, including the Federal Reserve Board and FDIC, have open rulemaking proposals that largely align with the OCC final rules, and Treasury has proposed rules to define the extraterritorial scope of the Act.
- Significant questions remain open both in the proposed rules and in how the OCC final rules will be administered in practice. Their resolution will have significant implications for payment stablecoin issuers.
- Stablecoin-related strategic opportunities for banks are likely to be shaped by supervisory expectations, the implementation of the new statutory and regulatory framework and the continued development of their risk-management and control capabilities.
View the full guide here.
This publication is for general information purposes only. It is not intended to provide, nor is it to be used as, a substitute for legal advice. In some jurisdictions it may be considered attorney advertising.
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