Payments company Wise plans to resubmit its US charter application following the OCC’s denial, this time under a framework provided by the recently enacted GENIUS Act. The move reflects ongoing regula
Wise, a UK-based payments company, faces renewed scrutiny from U.S. regulators as it prepares to resubmit its application for a charter license with the Office of the Comptroller of the Currency (OCC) under the GENIUS Act framework. The OCC recently denied Wise’s initial application due to concerns over Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance, despite approving similar charters for other digital asset companies in recent months.
According to a research note by investment banking group William Blair, Wise intends to continue its stance on payment stablecoins while applying under the GENIUS Act. The denial from the OCC highlighted issues related to AML/CFT effectiveness and potential illicit finance risks. Despite these challenges, Wise remains committed to reducing cross-border transaction costs.
The GENIUS Act was signed into law in July 2025, offering a regulatory framework for stablecoin providers in the U.S., though final regulations are pending approval from federal agencies. Regulators missed a critical deadline last week to provide guidance on implementing this legislation before its effective date in January 2027.
Following the passage of the stablecoin bill, several digital asset companies have already received national trust charters from the OCC, including Circle, Ripple Labs, Crypto.com, and Coinbase. This approval process underscores the evolving landscape for stablecoins within U.S. financial regulations.
The move by Wise reflects broader challenges faced by firms in the crypto space as they navigate complex regulatory environments. The decision to apply under GENIUS Act provisions highlights ongoing efforts to comply with new legal requirements while maintaining business operations.
Traders and investors should monitor developments related to the implementation of the GENIUS Act, particularly regarding guidance from federal agencies on stablecoin regulations. Additionally, continued attention will be needed for Wise’s application process and any future regulatory decisions that may impact the broader crypto industry.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.