On June 11, the OCC requested comment on a proposed information collection that would establish weekly and quarterly reporting forms for permitted payment stablecoin issuers and OCC-registered foreign payment stablecoin issuers under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The proposal follows the OCC’s March 2 proposed rule implementing GENIUS Act requirements for payment stablecoin issuance and related activities (previously covered by this Orrick Insight here), and would apply to issuers subject to the OCC’s GENIUS Act authority. The OCC stated that the proposed forms would support compliance with its proposed GENIUS Act rule, facilitate supervision of stablecoin issuers under its jurisdiction, and promote transparency regarding issuers’ financial condition.
The proposed weekly confidential form would be submitted for each payment stablecoin issued and would include payment stablecoin activity and reserve information, including aggregate and disaggregated information about reserve assets held under the GENIUS Act. The proposed quarterly form would report condition and income information. The OCC invited comments on the submission format and on whether reporting items should be modified, removed, or added before the forms are finalized. Comments on the proposal must be submitted by August 11.
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