Payments company Wise is expected to resubmit its charter application with the US Office of the Comptroller of the Currency under a GENIUS Act framework, according to a Friday research note by investment banking group William Blair. The OCC denied Wise's application to establish a national trust bank on Tuesday, citing the company's failure to demonstrate an effective Anti-Money Laundering and Countering the Financing of Terrorism compliance program and concerns over other illicit finance activity risks. The GENIUS Act, signed into law in July 2025, provides a regulatory framework for payment stablecoin providers in the United States, with an effective date in January 2027.
OCC Denies Wise National Trust Bank Charter on Tuesday
The OCC rejected Wise's application on Tuesday, stating the company could not show it had an effective Anti-Money Laundering and Countering the Financing of Terrorism compliance program. The regulator also cited "other illicit finance activity risks" in its denial decision. Despite the rejection, William Blair's Friday research note indicates Wise will likely not shift its position on payment stablecoins with the new OCC application. The investment banking group stated, "Wise is focused on lowering the cost of cross-border transactions, agnostic of the rail."
GENIUS Act Signed July 2025 with January 2027 Effective Date
The GENIUS Act was signed into law in July 2025, offering a framework for payment stablecoin providers in the United States. The law's effective date is January 2027, pending finalized regulations to be approved by federal agencies. Regulators missed a crucial deadline last week to provide guidance on implementation of the law before its effective date.
OCC Approves Charters for Circle, Ripple Labs, Coinbase Post-GENIUS Passage
Following the passage of the stablecoin bill, the OCC approved several applications from digital asset companies for national trust charters. The approved companies include Circle, Ripple Labs, Crypto.com, and Coinbase. Cointelegraph reached out to Wise for comment but did not receive an immediate response.
FAQ
Why did the OCC deny Wise's charter application on Tuesday?
The OCC denied Wise's application to establish a national trust bank on Tuesday because the company could not demonstrate an effective Anti-Money Laundering and Countering the Financing of Terrorism compliance program. The regulator also cited concerns over other illicit finance activity risks in its rejection decision.
What is the GENIUS Act framework Wise plans to use for resubmission?
The GENIUS Act, signed into law in July 2025, provides a regulatory framework for payment stablecoin providers in the United States. The law has an effective date in January 2027, pending finalized regulations to be approved by federal agencies. According to William Blair's Friday research note, Wise is expected to resubmit its OCC charter application under this GENIUS Act framework.
