U.S. Office of the Comptroller of the Currency Proposes Comprehensive Supervisory Framework for Payment Stablecoins Under GENIUS Act
On February 25, 2026, the U.S. Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that would establish a federal framework for issuance and administration of payment stablecoins by permitted payment stablecoin issuers (PPSIs). The NPRM would implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by, among other things, establishing approval requirements, permissible and prohibited activities, reserve standards, redemption obligations, capital and operational safeguards, and reporting expectations for permitted payment stablecoin issuers. PPSIs also would be integrated into the OCC’s broader prudential framework, including its capital, assessment, and enforcement authorities.
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U.S. DOJ Shifts Focus in Digital Asset Enforcement
The U.S. Department of Justice (DOJ or Department) has announced a significant shift in enforcement priorities concerning digital assets. On April 7, 2025, Deputy Attorney General Todd Blanche issued a memorandum (Memorandum) announcing that the Department is not a “digital assets regulator” and will no longer pursue litigation or enforcement actions that “have the effect of superimposing regulatory frameworks on digital assets.” Instead, the Memorandum directs DOJ to focus on the prosecution of conduct that victimizes investors or uses digital assets in furtherance of crimes such as terrorism, narcotics trafficking, hacking, and human trafficking.
A Roadmap to Engagement With the U.S. SEC’s New Crypto Task Force
On February 4, 2025, in the first official statement (the Statement) from the Securities and Exchange Commission’s (SEC) newly established Crypto Task Force (Task Force), SEC Commissioner Hester Peirce provided a glimpse into the priorities and guidelines concerning “the crypto road trip” ahead for all industry participants in the crypto/digital assets space. (more…)
