OCC Seeks Public Input on New Payment Stablecoin Regulatory Framework

New Framework and Its Purpose

The Office of the Comptroller of the Currency (OCC) in the United States has proposed a regulatory framework for payment stablecoins, aiming to set clear guidelines for issuers and certain custodial services within its jurisdiction.

Key Regulatory Provisions

• Establish compliance requirements for permissible payment stablecoin issuers
• Introduce oversight measures for foreign issuers and selected custodial services
• Rules related to BSA/AML and OFAC sanctions will be developed separately by the Treasury Department

Public Feedback Process

The proposed rule is now open for public comments, with the deadline set at 60 days after its publication in the Federal Register.

This move reflects the OCC’s proactive approach to addressing challenges posed by digital currencies and its intent to refine the final regulatory framework by incorporating diverse public input.