OCC Establishes Waiver Framework for Active Stablecoin Issuers Ahead of GENIUS Act Deadline

The Office of the Comptroller of the Currency (OCC) has established a clear waiver pathway for existing U.S. payment stablecoin issuers seeking regulatory approval. The agency warned that merely submitting an application will not legally authorize continued issuance once the GENIUS Act officially takes effect on January 18, 2027.

Under the newly released waiver guidance, the OCC anticipates approving requests to waive prior approval requirements for currently active U.S. issuers that submit substantially complete applications before the January 18, 2027, deadline. However, the agency retains the authority to deny a waiver if its review uncovers compelling regulatory reasons to do so.

As of October 21, the OCC’s official application portal indicated that intake remains temporarily closed, pending final approval from the Office of Management and Budget regarding the information collection requirements. The agency has stated it will announce the official opening of the intake window via a press release and update its application page accordingly.

This waiver guidance accompanies the final GENIUS Act framework, which was also announced on the same day. Both the final rule and the associated waiver provisions are scheduled to take effect on January 18, 2027.

Conditions on relief

To qualify for relief under Section 15.30(g), eligible applicants must submit a formal written waiver request alongside a substantially complete application pending before the OCC on or before January 18, 2027. ‘Substantial completeness’ is defined as providing sufficient information to allow the agency to determine whether the applicant satisfies the core regulatory approval criteria.

Eligible applicants include subsidiaries whose parent insured depository institutions have already submitted applications on their behalf, as well as entities applying for federal qualified payment stablecoin issuer status.

The granted relief can extend for a maximum of 12 months, commencing on January 18, 2027. The OCC expects to tailor individual waivers to last only as long as necessary to address the specific justification provided by the applicant, meaning recipients should not assume they will receive the full year limit.

Covered applicants may seek relief from additional regulatory provisions that they are unable to satisfy by the effective date. However, the OCC noted that it has identified no generally applicable compelling reasons to grant these specific waiver requests en masse.

The waiver framework is specifically tailored around current U.S. operations. The OCC generally expects prospective issuers to commence operations in the United States only after receiving formal approval, and has found no compelling general grounds to grant waivers to issuers that are not already actively operating or issuing stablecoins in the country.

Once the application intake officially opens, covered applicants are encouraged to submit their waiver requests as soon as practicable. The OCC has committed to evaluating each request on its individual merits and aims to reach decisions on most applications by the January 18, 2027, deadline.

Importantly, submitting a timely application alone will not protect an existing issuer from regulatory violations if they continue issuing stablecoins without a formally granted waiver.

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