OCC Waiver Rule Signals New Compliance Pressure for Stablecoin Issuers

Discretionary relief must be granted to existing US issuers awaiting OCC approval to continue issuing from Jan. 18, 2027.

On Oct. 21, the Office of the Comptroller of the Currency (OCC) outlined a waiver route for existing US payment stablecoin issuers awaiting its approval, warning that continued issuance will not be authorized simply by filing an application once the GENIUS Act takes effect on Jan. 18, 2027.

According to the updated waiver guidance, the OCC typically expects that requests to skip prior approval will be granted for established US issuers submitting substantially complete applications before the effective date. However, regulators can still reject a submission if their review uncovers compelling grounds to do so.

By Oct. 21, the OCC’s application portal indicated that intake stayed closed while final approval was awaited from the Office of Management and Budget regarding the information collection forms. The regulator plans to announce when submissions open through a press release and update its website accordingly.

These revised guidelines accompany the final GENIUS Act framework unveiled the very same day. It is scheduled that the definitive rule takes effect on Jan. 18, 2027.

Conditions Required to Qualify for Regulatory Relief#

Pursuant to section 15.30(g), qualifying applicants must submit a written waiver request alongside a substantially complete application pending with the OCC on or before Jan. 18. Substantial completeness requires that sufficient information be provided so the agency can determine whether the candidate satisfies the necessary criteria.

Qualifying categories encompass subsidiaries for which applications have been submitted by insured depository institution parent companies, alongside entities seeking status as federally qualified payment stablecoin issuers.

Such relief can extend for a maximum of 12 months starting Jan. 18, 2027. Regulators anticipate that individual waivers will be granted only for the duration required to justify the request, meaning candidates should not count on receiving an entire year.

Eligible candidates may request relief from extra requirements they struggle to meet by the effective date, though the OCC notes that no compelling grounds have been found to approve such exemptions across the board.

This favorable guidance focuses primarily on active domestic operations. Regulators typically expect prospective issuers to commence US activities only after securing authorization, noting that no broad compelling grounds have been identified to issue waivers to firms not currently operating or issuing domestically.

After intake commences, eligible candidates are expected to submit waiver requests promptly. Regulators indicate that filings will be evaluated on their individual merits, with decisions typically rendered by Jan. 18.

Even if an existing issuer files a prompt application, non-compliance with prior approval rules could be committed if issuance continues without an official waiver in hand.