OCC Applying Bank Secrecy Act to Stablecoin Issuers

banking regulators want to apply new compliance standards to stablecoin issuers. The Office of the Comptroller of the Currency (OCC) issued a proposed rulemaking Monday (June 22) that would require permitted payment stablecoin issuers (PPSI) under its supervision to comply with the Bank Secrecy Act and sections of the GENIUS Act. PPSIs would also have to follow “applicable regulations” from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control, the OCC s