The Office of the Comptroller of the Currency (OCC), one of the United States’ leading financial regulators, has unveiled a sweeping draft regulatory framework for the domestic stablecoin market. The move is widely seen as a foundational step toward establishing a new federal oversight regime for payment-focused stablecoins in the country.
Scope of the New Draft Regulation
According to the OCC, the proposed framework is designed primarily for US-based stablecoin issuers and select foreign entities operating within the country’s borders. Detailed technical requirements are laid out for everything from the operational fundamentals of stablecoin issuers to the management of their reserve assets. The draft also specifies clearer rules for the digital asset custody activities of institutions overseen by the OCC.
Official Statements and Industry Reactions
OCC Acting Comptroller Jonathan V. Gould emphasized that the agency is working to create a foundation for stable and secure growth within the stablecoin sector. Before any final version is adopted, the draft will remain open for public review and comment for 60 days. Many industry representatives have stated that the new regulations have the potential to reduce the longstanding uncertainty clouding the stablecoin market.
Jonathan V. Gould, the OCC’s head, said the new framework “lays the groundwork for safe and sound development of the stablecoin sector” and highlighted the agency’s openness to public feedback before finalizing the rules.
The draft draws on several legislative standards, with the GENIUS Act in particular serving as a foundation. The proposal introduces clear and specific requirements for stablecoin issuance, including minimum standards, reserve management, operational resilience, and mandatory regulatory oversight.
Additionally, guidance related to the Bank Secrecy Act, anti-money laundering policies, and sanctions compliance will be developed in consultation with the US Department of the Treasury during a separate phase. This distinction signals the OCC’s careful, phased approach to integrating stablecoins into the traditional banking ecosystem.
Under the proposal, stablecoin issuers would be obligated to fulfill user redemption requests within two business days at most. Furthermore, issuers would be required to maintain reserves solely in government securities, money market funds, Federal Reserve balances, or term deposits. These steps aim to formally classify stablecoins as legitimate payment instruments within the US financial system.
Despite these efforts, the American Bankers Association has called for a moratorium on OCC approval for new national banks based on crypto or stablecoin business models. The association argues that the industry’s framework remains unsettled and urges a more cautious pace given the lingering uncertainties.
