Digital Asset Regulation

In July 2025, Congress enacted the GENIUS Act to establish a national framework for the regulation of payment stablecoins and their issuers. The act allows three types of permitted payment stablecoin issuers (PPSIs): a subsidiary of an insured depository institution, a federally qualified payment stablecoin issuer (supervised by the OCC), and a state qualified payment stablecoin issuer (supervised by the licensing state). A robust state pathway for payment stablecoin issuers is critical to maintain dynamic supervision of payment stablecoin issuers, better protect consumers who purchase stablecoins, and support innovation in this developing market.