TLDR
- US stablecoin companies awaiting OCC clearance must secure an approved waiver to legally continue operations beyond Jan. 18, 2027.
- Simply filing an application will not grant authorization to keep issuing once the GENIUS Act becomes law.
- Temporary relief periods are limited to a maximum of 12 months, though individual grants may be considerably shorter.
- The OCC anticipates approving waiver requests from current US operators who submit substantially complete applications.
- Application intake remained closed as of Oct. 21, awaiting final clearance from the Office of Management and Budget.
The Office of the Comptroller of the Currency has established a waiver mechanism for current payment stablecoin operators in the United States. The directive, published on Oct. 21, targets companies awaiting regulatory clearance from the agency.
The OCC made clear that merely filing an application will not permit these companies to maintain stablecoin issuance once the GENIUS Act becomes operational on Jan. 18, 2027. Companies continuing to operate without receiving a formal waiver risk breaking federal law.
This waiver instruction accompanied the OCC’s completed GENIUS Act regulatory structure, which was announced simultaneously. The comprehensive rule likewise becomes enforceable on Jan. 18, 2027.
Eligibility Criteria for OCC Waiver Consideration
According to section 15.30(g) of the regulation, qualified applicants must submit a written waiver request. Additionally, they must have a substantially complete application on file with the OCC by Jan. 18 at the latest.
The regulator characterizes a substantially complete application as containing sufficient detail for the agency to determine whether the applicant satisfies approval standards.
Qualified entities encompass subsidiaries for which their insured depository institution parent companies have filed applications. Companies seeking federal qualified payment stablecoin issuer designation also fall under this category.
The OCC indicated it generally plans to approve waiver requests from current operators meeting these criteria. Nevertheless, the agency retains authority to reject a request if its assessment uncovers more significant grounds for denial.
Parameters Governing Stablecoin Waivers
Waivers cannot extend beyond 12 months from Jan. 18, 2027. The regulator anticipates each waiver lasting only the duration necessary to resolve the applicant’s documented circumstances.
Companies should therefore not presume they will automatically receive the maximum relief period.
A waiver from prior approval requirements does not automatically exempt operators from other regulatory obligations. Qualifying applicants may request exemptions from supplementary provisions they cannot satisfy by the implementation date.
The OCC stated it has not identified any broadly applicable justifications for automatically granting such supplementary requests. Each would undergo individual assessment.
The preferential consideration applies specifically to operators already functioning within US borders. The OCC noted it expects new market entrants to commence US activities only following formal approval.
The regulator added it has discovered no universally applicable basis for granting waivers to companies not currently operating or issuing within the country.
Upon intake availability, qualifying applicants should file waiver requests promptly. The OCC confirmed it will evaluate each submission individually and typically render decisions by Jan. 18.
The agency emphasized that even properly submitted applications might leave existing operators in breach of prior approval mandates. This would occur if the company continues issuing operations without securing a formal waiver grant.
As of Oct. 21, the OCC’s application portal indicated intake remained suspended. The agency awaits final Office of Management and Budget authorization for the information collection associated with application documentation.
The OCC confirmed it will publicize the commencement of application acceptance via press release and its application portal.
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