Overview
- The Office of the Comptroller of the Currency finalized the implementing rule on Oct. 21, 2026 and set it to take effect on January 18, 2027.
- The rule sets prudential requirements for permitted issuers covering reserve assets, redemption obligations, custody, reporting and a reported $5 million capital floor.
- The OCC removed a proposed presumption against third‑party rewards and will judge affiliate or exchange reward programs on a case‑by‑case basis, drawing sharp criticism from the American Bankers Association and praise from some crypto trade groups.
- Anti‑money‑laundering, Bank Secrecy Act and OFAC sanctions rules were left to Treasury/FinCEN/OFAC rulemaking, so the overall compliance picture is incomplete and the OCC will not open applications until OMB approves information collections.
- After January 18, issuers must be authorized or risk criminal penalties, existing firms with substantially complete applications can seek temporary waivers, and market participants will watch how agencies apply the rewards standard and finish the remaining rules.