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The Office of the Comptroller of the Currency (OCC) has proposed rules under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to create a comprehensive federal framework for payment stablecoin issuers, covering reserves, redemption, capital, custody, governance and supervision. In a webcast, panelists examine the scope of the proposal, key compliance and operational challenges, and strategic considerations for banks, nonbanks and other digital asset market participants preparing for enhanced OCC oversight. Speakers include Mark Nichols, Digital Assets Consulting Co-leader at Ernst & Young LLP; Alejandro (Alex) LaTorre, Digital Assets Regulatory and Risk Leader at Ernst & Young LLP; Becca Freiheit, Principal, Financial Services Risk Management, Ernst & Young LLP; Rush Mehta, Principal, Financial Services Risk Management, Ernst & Young LLP; and Richard Tuosto, Managing Director, Financial Services Risk Management at Ernst & Young LLP.
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The discussion highlights governance, custody and reserves management and outlines the anticipated timeline and regulatory expectations for implementation. It also underscores the need for robust risk management, documentation, and governance structures to satisfy future federal oversight.
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