The OCC’s Stablecoin Rulebook Is Final. The Moat Fight Moves to a Second Rulemaking.

The Comptroller of the Currency finalized the federal stablecoin rulebook on Wednesday, and the most consequential sentence in the announcement is a subtraction. The final rule and its companion bulletin stand up a new 12 CFR Part 15 for payment stablecoin issuance, effective January 18, 2027, and they cover every regulation the agency must write under the GENIUS Act except one family: Bank Secrecy Act, anti-money laundering and sanctions rules, which go to a separate rulemaking with the Treasury. Secretary of the Treasury Scott Bessent called the act “a watershed moment in American finance.” The text of the day is more modest and more useful. This is the day the comment file gets its verdict, and the verdict is mostly about venue.

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