Office of the Comptroller of the Currency (OCC), one of the leading financial supervision organizations in the USA, presented to the public a comprehensive draft regulation for the stablecoin market in the country. This step is considered the beginning of a new oversight framework at the federal level for stablecoins for payment purposes.
What Areas Does the New Draft Cover?
The draft announced by the OCC was designed to specifically include US-based and certain foreign stablecoin issuers. The draft includes many technical details, from the operating principles of stablecoin issuing organizations to reserve management. In addition, the rules for digital asset custody activities of organizations under the supervision of the OCC are also becoming clearer.
Statements from the Institution and Sector Opinions
OCC President Jonathan V. Gould stated that the institution has developed a framework that will allow the stablecoin space to develop in a safe and stable manner. According to Gould, the draft will receive 60 days of public feedback before being finalized. In the statements made from the industry, many parties state that the regulation can reduce the long-standing uncertainty in the stablecoin market.
OCC Chairman Jonathan V. Gould stated that the developed framework “paves the way for the safe and healthy development of the stablecoin industry” and stated that they are waiting for public comments on the final regulation.
The content of the draft is based on various legal standards, especially the GENIUS Act. Clear rules are introduced for the issuance of stablecoins regarding minimum requirements, management of reserves, operational durability and being subject to regular auditing.
It is also stated that the rules regarding the Bank Secrecy Act, prevention of money laundering and sanctions will be created in a separate process in coordination with the US Treasury Department. This distinction indicates that a gradual and cautious approach is being followed in the integration of stablecoin and the existing banking system.
The proposal stipulates that stablecoin issuers will fulfill user requests within two business days at the latest, while reserves are required to be kept only in government bonds, money market funds, Federal Reserve balances and time deposits. Thus, it is aimed to officially define these digital assets as a means of payment.
The American Bankers Association has requested a halt to OCC approvals of crypto- and stablecoin-based national banking institutions in the current environment. The association asked for cautious steps to be taken, arguing that the sector has not yet been established in all its aspects and uncertainties continue.
