The Office of the Comptroller of the Currency issued a final rule for payment stablecoin issuers on Oct. 21, setting a concrete step in the federal implementation of the GENIUS Act.

Congress enacted the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) on July 18, 2025. The OCC rule sets requirements for reserves, redemptions, risk management, audits, reporting and supervision for issuers within the agency’s jurisdiction. The Federal Reserve Board separately sought public comment on proposals for stablecoin issuers it supervises.

Beyond stablecoins, the Securities and Exchange Commission (SEC) issued an interpretation on March 17 that took effect March 23. The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance on administering the Commodity Exchange Act (CEA). The interpretation divides crypto assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins and digital securities. It also explains that an asset that is not itself a security may still be offered or sold under an investment contract, which is a security.

In August, the SEC proposed two registration exemptions for offerings of certain investment contracts involving crypto assets. One would cover up to $5 million over four years, and the other up to $75 million in a 12-month period. Both would require narrative disclosures; the larger exemption would also require financial statements and ongoing reports. Issuers would remain subject to federal antifraud and antimanipulation provisions. The comment period ended Oct. 20, but the exemptions remain proposed.

On Oct. 5, the CFTC opened an advance notice of proposed rulemaking seeking comments on a potential framework for retail commodity transactions involving crypto assets. The agency is also considering a dedicated registration category for crypto asset markets. The notice informs possible future agency action and did not put new rules into effect.

Broader market-structure legislation remains stalled after the Senate’s 49-50 September vote on a procedural step to advance the CLARITY Act. The OCC rule is scheduled to take effect Jan. 18, 2027.

Riza Dagoc

Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to [email protected].