Blab Crypto
OCC Proposes Bank Secrecy Act Rules for U.S. Stablecoin Issuers
On June 22, 2026, the Office of the Comptroller of the Currency (OCC) announced a proposed rule that would bring all permitted payment stablecoin issuers (PPSIs) under its supervision into the full ambit of the Bank Secrecy Act (BSA) and the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal requires PPSIs to meet anti‑money‑laundering and counter‑terrorist financing (AML/CFT) standards, comply with sanctions, and submit the reporting obligations mandated by the BSA.
The rule would set up a supervisory and enforcement framework for the AML/CFT programs of OCC‑supervised PPSIs. It would also formalise a consultation process between the OCC and the Financial Crimes Enforcement Network (FinCEN) whenever the OCC intends to launch an enforcement action or a major supervisory intervention. In addition, PPSIs would be allowed to share select nonpublic OCC information with the FinCEN director to inform potential enforcement actions.
This proposal follows the 2025 passage of the GENIUS Act, which treats stablecoin issuers as financial institutions for BSA purposes and requires them to maintain a robust customer‑identification program. The OCC’s draft aligns with similar initiatives from the Federal Reserve Board, FinCEN, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), all of which are working to apply BSA and sanctions standards to stablecoin issuers.
Under the proposed framework, PPSIs would be expected to implement AML/CFT programs on par with those required of banks and credit unions. This includes customer identification, transaction monitoring, and suspicious‑activity reporting. The OCC also indicated that the rule would provide guidance on how to handle significant supervisory actions and how to coordinate with FinCEN on enforcement matters.
The OCC’s announcement comes after the agency and other regulators began soliciting public comments on a plan to require stablecoin issuers to maintain a customer‑identification program. The plan, described by the Federal Reserve Board in a news release the week before, would introduce requirements for these issuers that mirror those for traditional financial institutions.
Industry observers note that the rule represents a significant step toward regulatory clarity for stablecoin issuers operating in the United States. While the OCC has not yet finalized the rule, it has opened a comment period that will allow issuers and stakeholders to provide input on the proposed requirements.
The proposed rule is part of a broader effort to bring stablecoins under the same regulatory framework that governs banks, with the goal of preventing money laundering, terrorist financing, and sanctions violations. The OCC’s proposal is expected to be reviewed and potentially revised based on public comments and coordination with other federal agencies.
As the regulatory process continues, stablecoin issuers will need to assess the impact of the proposed BSA and GENIUS Act requirements on their compliance programs. The OCC has indicated that it will consider industry feedback before finalizing the rule, which could be published in the Federal Register later in 2026.
The rule’s finalization will mark the first time that U.S. regulators have imposed comprehensive BSA and AML/CFT obligations on stablecoin issuers, potentially reshaping the stablecoin market and influencing how digital assets are used for payments in the United States.
The OCC’s proposal is currently in the comment period, and the agency has indicated that it will publish a final rule after reviewing submissions. Stakeholders are advised to monitor the OCC’s website for updates and to prepare for potential changes to compliance requirements.
In summary, the OCC’s proposed rule seeks to align stablecoin issuers with the BSA and GENIUS Act, establish AML/CFT oversight, and facilitate coordination with FinCEN. The regulatory framework is still evolving, and issuers should stay informed as the rule moves toward finalization.
The rule would set up a supervisory and enforcement framework for the AML/CFT programs of OCC‑supervised PPSIs. It would also formalise a consultation process between the OCC and the Financial Crimes Enforcement Network (FinCEN) whenever the OCC intends to launch an enforcement action or a major supervisory intervention. In addition, PPSIs would be allowed to share select nonpublic OCC information with the FinCEN director to inform potential enforcement actions.
This proposal follows the 2025 passage of the GENIUS Act, which treats stablecoin issuers as financial institutions for BSA purposes and requires them to maintain a robust customer‑identification program. The OCC’s draft aligns with similar initiatives from the Federal Reserve Board, FinCEN, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), all of which are working to apply BSA and sanctions standards to stablecoin issuers.
Under the proposed framework, PPSIs would be expected to implement AML/CFT programs on par with those required of banks and credit unions. This includes customer identification, transaction monitoring, and suspicious‑activity reporting. The OCC also indicated that the rule would provide guidance on how to handle significant supervisory actions and how to coordinate with FinCEN on enforcement matters.
The OCC’s announcement comes after the agency and other regulators began soliciting public comments on a plan to require stablecoin issuers to maintain a customer‑identification program. The plan, described by the Federal Reserve Board in a news release the week before, would introduce requirements for these issuers that mirror those for traditional financial institutions.
Industry observers note that the rule represents a significant step toward regulatory clarity for stablecoin issuers operating in the United States. While the OCC has not yet finalized the rule, it has opened a comment period that will allow issuers and stakeholders to provide input on the proposed requirements.
The proposed rule is part of a broader effort to bring stablecoins under the same regulatory framework that governs banks, with the goal of preventing money laundering, terrorist financing, and sanctions violations. The OCC’s proposal is expected to be reviewed and potentially revised based on public comments and coordination with other federal agencies.
As the regulatory process continues, stablecoin issuers will need to assess the impact of the proposed BSA and GENIUS Act requirements on their compliance programs. The OCC has indicated that it will consider industry feedback before finalizing the rule, which could be published in the Federal Register later in 2026.
The rule’s finalization will mark the first time that U.S. regulators have imposed comprehensive BSA and AML/CFT obligations on stablecoin issuers, potentially reshaping the stablecoin market and influencing how digital assets are used for payments in the United States.
The OCC’s proposal is currently in the comment period, and the agency has indicated that it will publish a final rule after reviewing submissions. Stakeholders are advised to monitor the OCC’s website for updates and to prepare for potential changes to compliance requirements.
In summary, the OCC’s proposed rule seeks to align stablecoin issuers with the BSA and GENIUS Act, establish AML/CFT oversight, and facilitate coordination with FinCEN. The regulatory framework is still evolving, and issuers should stay informed as the rule moves toward finalization.
