Wise Weighs Renewed OCC Bid Under US GENIUS Act Framework
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Wise may renew its push for approval from the Office of the Comptroller of the Currency under the framework of the GENIUS Act, after the US regulator rejected its earlier application to establish a national trust bank.
Cointelegraph reported on July 25 that William Blair said in a research note the same day that Wise could reapply for OCC approval under the GENIUS Act framework. Earlier this week, the OCC rejected Wise's application for a national trust bank, citing deficiencies in its anti-money laundering and counter-terrorist financing systems, along with risks related to other illicit financial activity.
William Blair said Wise's business model is focused on reducing the cost of cross-border remittances rather than promoting a specific payment method. That suggests any renewed application would be unlikely to materially alter its existing strategy of using payment stablecoins.
The GENIUS Act established a federal regulatory framework for payment stablecoin issuers in the US and took effect in July 2025. Still, the regulatory rollout may take time because federal authorities did not complete detailed implementation guidelines by the original deadline.
The OCC has recently approved national trust charter applications from digital-asset companies including Circle, Ripple Labs, Crypto.com and Coinbase. William Blair said Wise is also likely to seek approval again through the GENIUS Act framework rather than revive its previous plan to establish a national trust bank.
