GENIUS Act: the final OCC stablecoin rule is weeks away
The OCC said in August it aimed to finish by November; mid-October reports say end of October. No final rule is out yet.
In August 2026 Comptroller of the Currency Jonathan Gould said the OCC intended to finalize its GENIUS Act rule by November [6]. Press reports of a Milken Institute event on 15 October, during DC Fintech Week, quote him bringing that forward to the end of October [7]; we could not find an OCC statement confirming the new date. As of 16 October 2026 no final rule has been published in the Federal Register; the latest OCC GENIUS Act rulemaking document there is still the proposal [3].
For finance teams holding or using payment stablecoins, the practical message is that the statute's start date is now effectively fixed, and the detailed rules on reserves, redemption and reporting are about to become final.
Where the rulemaking stands
- Proposed rule: the OCC announced its proposal on 25 February 2026 (News Release 2026-9, Bulletin 2026-3) [1][2]. It was published in the Federal Register on 2 March 2026 at 91 FR 10202, and comments closed on 1 May 2026 [3]. Some reports date the proposal to February and others to March; both are right, depending on whether you count the announcement or the publication.
- Scope of the proposal: payment stablecoin issuance by national banks, federal savings associations, federal branches, certain nonbank issuers and foreign issuers under OCC jurisdiction, covering reserve assets, redemption, risk management, custody, capital and supervision [2]. Anti-money laundering and sanctions rules are being handled separately by Treasury [1].
- Reporting forms: on 11 June 2026 the OCC proposed two reports for permitted issuers, a weekly confidential report on stablecoin activity and reserves (Form PS-01) and a quarterly report of condition and income (Form PS-02) (Bulletin 2026-24) [4].
- Final rule: on the record, targeted by November 2026 [6]; reported on 15 October as end of October [7]. Neither is a published rule.
The statute asked regulators to finish their rules within one year of enactment, which was 18 July 2026 [5]. That deadline has passed, so the OCC is late by the law's own timetable.
Why the effective date is now locked in
The GENIUS Act takes effect on the earlier of 18 months after enactment or 120 days after final regulations are issued [5]. Enactment was 18 July 2025, so the 18-month date is 18 January 2027 [5]. A final rule issued after about 20 September 2026 would trigger a 120-day date later than that, so 18 January 2027 is now the operative date in practice whether the final rule lands in late October or November. The separate three-year deadline for digital asset service providers to stop offering stablecoins from non-permitted issuers runs from enactment, to July 2028 [5].
What it means for treasuries
The final text matters more than the date. Reserve composition, redemption timing and the reporting forms will shape which issuers become permitted, and how much evidence you can get about the stablecoins you hold. The accounting answer for any given stablecoin still depends on its terms and on the standard you apply; a final OCC rule does not by itself change that analysis.
What to do
- List every stablecoin you hold, accept or pay out, with its issuer and the regulator it expects to be licensed by.
- When the final rule is published, compare its reserve and redemption terms against the proposal and update your treasury policy and counterparty limits.
- Plan for 18 January 2027 as the date the regime starts, not a later one.
- Ask issuers you rely on when they expect approval, and what they will publish in reserve reports.
- Re-read your accounting memo on stablecoin classification once the final terms are known, and note any change.
Sources
- OCC Requests Comments on Proposal to Implement GENIUS Act (News Release 2026-9) (Office of the Comptroller of the Currency)
- GENIUS Act Regulations: Notice of Proposed Rulemaking (OCC Bulletin 2026-3) (Office of the Comptroller of the Currency)
- Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the Office of the Comptroller of the Currency (Federal Register)
- GENIUS Act: Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the OCC (OCC Bulletin 2026-24) (Office of the Comptroller of the Currency)
- Public Law 119-27 (GENIUS Act) (GovInfo, U.S. Government Publishing Office)
- Comptroller Gould highlights digital asset efforts, says OCC will finalize GENIUS Act rule by November (Orrick InfoBytes)
- OCC Chief Expects GENIUS Act Stablecoin Rules by October's End (Coin Edition)
General information for finance teams, current as of publication. Not legal, tax or accounting advice.