OCC Proposes Stablecoin Issuer Regulation, Finalizes Rule on National Trust Banks Authority

The OCC released a proposed rule to implement the GENIUS Act, which (once effective) will generally prohibit any person other than a "permitted payment stablecoin issuer" (or PPSI) from issuing a payment stablecoin in the United States. It will also prohibit digital asset service providers from offering or selling a payment stablecoin to a U.S. person, unless the issuer is a PPSI or the issuer is a foreign payment stablecoin issuer that meets certain requirements. Today, different rules still... By: Davis Wright Tremaine LLP