Wise Plans New US Charter Bid Under GENIUS Act After OCC Rejection

Payments company Wise will resubmit its application for a US national trust bank charter, this time structuring the request under a GENIUS Act framework, the legislation governing stablecoins in the United States. The move follows the Office of the Comptroller of the Currency’s rejection of Wise’s original application this week.

OCC Cited AML Compliance Concerns In Denial

The OCC rejected Wise’s charter application on Tuesday, stating the company failed to demonstrate an effective anti-money laundering and counter-terrorism financing compliance program, and flagged additional illicit finance activity risks. Investment banking group William Blair said Wise is unlikely to change its underlying approach to payment stablecoins despite the setback, noting the company remains focused on reducing cross-border transaction costs regardless of which regulatory path it takes.

GENIUS Act Still Awaiting Full Implementation

The GENIUS Act, signed into law in July 2025, establishes a regulatory framework for payment stablecoin providers, though federal agencies recently missed a key deadline to finalize implementation guidance ahead of its January 2027 effective date. Despite the pending rules, the OCC has already approved national trust charters for several digital asset firms, including Circle, Ripple Labs, Crypto.com, and Coinbase.