stable coins
By Pankaj K
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What the GENIUS Act Actually Does Here. The GENIUS Act became law in July 2025. It lays out a regulatory framework specifically for…
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OCC Already Said Yes to Circle, Ripple, Coinbase, Crypto.com. While Wise got turned away, the OCC has been fairly active on the approval side for other digital…
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What Wise Needs to Fix Before Reapplying. The path forward for Wise is pretty clear in broad strokes, even if the details are murky.
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Wise is going back to the drawing board. The cross-border payments company plans to file a new national trust bank charter application under the GENIUS Act framework, after the U.
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The OCC's rejection wasn't subtle. The agency cited Wise's inadequate compliance with Anti-Money Laundering and Countering the Financing of Terrorism regulations — AML and CFT in…
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The GENIUS Act became law in July 2025. It lays out a regulatory framework specifically for payment stablecoin providers operating in the U.S.
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That ambiguity cuts both ways. It's harder for Wise to know exactly what box to check. But it also means the OCC probably can't hold an applicant to rules that haven't been…
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William Blair, the investment banking group tied to Wise, said the company's position on payment stablecoins is pretty much unchanged despite the rejection.
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While Wise got turned away, the OCC has been fairly active on the approval side for other digital asset companies. Circle, Ripple Labs, Crypto.
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More context: Wise Refiles for U.S. Bank Charter as GENIUS Act Opens New Path for Fintechs
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Wise now has to look at those four companies and figure out what they did differently. That's not a small task. AML and CFT programs aren't fixed overnight.
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There's also a reputational dimension worth mentioning. Getting rejected by the OCC for AML deficiencies is the kind of thing that makes institutional partners nervous.
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Hard to say how long the resubmission process takes.
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The path forward for Wise is pretty clear in broad strokes, even if the details are murky. It needs to overhaul whatever compliance frameworks the OCC found lacking, demonstrate…
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The absence of finalized GENIUS Act rules creates genuine uncertainty for the resubmission strategy. Wise can't fully calibrate its application to rules that don't exist yet.
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