OCC proposes bank-level compliance requirements for stablecoin issuers
New proposal would subject stablecoin issuers to AML, sanctions, reporting, and supervisory standards similar to regulated financial institutions.
The U.S. Office of the Comptroller of the Currency (OCC) proposed new rules that would bring permitted payment stablecoin issuers under Bank Secrecy Act requirements. If implemented, stablecoin issuers supervised by the OCC would be required to follow anti money laundering, counter terrorism financing, sanctions compliance, reporting, and supervisory standards similar to those applied to regulated financial institutions, aligning stablecoin operations more closely with the broader banking framework.
Key highlights
Banking compliance standards would extend to stablecoin issuers: Permitted payment stablecoin issuers supervised by the OCC would be required to comply with the Bank Secrecy Act, relevant provisions of the GENIUS Act, and regulations administered by FinCEN and the Office of Foreign Assets Control.
Mandatory AML and sanctions programs would become a core requirement: Issuers would need to maintain formal anti money laundering, counter terrorism financing, and sanctions compliance programs, including monitoring, reporting, risk assessment processes, and governance controls.
New supervisory and enforcement structure is being introduced: The proposal establishes a framework through which the OCC would oversee compliance programs and coordinate with FinCEN when initiating significant supervisory reviews or enforcement actions.
Transaction monitoring and reporting obligations would increase: Stablecoin issuers would be required to file suspicious activity reports, maintain records for qualifying transactions, and comply with information sharing requirements designed to support financial crime investigations.
Operational controls would extend beyond compliance documentation: Issuers would need systems capable of blocking, freezing, or rejecting transactions that violate legal or regulatory requirements, while also maintaining the ability to comply with lawful government orders.
Public consultation remains part of the rulemaking process: The OCC is seeking feedback on all elements of the proposal before determining the final structure of the regulatory framework for stablecoin issuers.
What this tells us, and the trend
This proposal signals that U.S. regulators are shifting their focus from defining stablecoins to regulating the institutions that issue them. The broader trend is the gradual integration of digital asset infrastructure into existing financial supervision models, where compliance, reporting, customer oversight, and sanctions controls are becoming as important as the underlying technology itself. Rather than creating a separate regulatory path, policymakers appear to be adapting established banking standards for emerging payment instruments.
