OCC to Close GENIUS Act Comment Window, Impacting U.S. Banks

The Office of the Comptroller of the Currency (OCC) is set to close the comment window for the GENIUS Act on May 1. According to NS3.AI, this leaves U.S. banks with only four days to respond to the proposed 376-page stablecoin rule. The proposal outlines reserve, custody, capital, and supervisory requirements, and introduces a two-tier licensing system with a $10 billion threshold for federal oversight.