Wise Expected to File New Charter Under GENIUS Act
Payments firm Wise reportedly plans to reapply for a US charter under the GENIUS Act after the OCC denied its initial national trust bank application over AML concerns. The stablecoin legislation offers a framework, though regulators recently missed a guidance deadline.
Quick Take
Wise to pivot charter application to GENIUS Act after OCC denial.
Denial stemmed from insufficient AML/CFT compliance and illicit finance risks.
GENIUS Act signed July 2025, regulators missed key implementation deadline.
OCC previously approved charters for Circle, Ripple, Crypto.com, Coinbase.
Market Impact Analysis
NeutralWise's strategic shift to apply under GENIUS Act shows continued institutional interest in stablecoins despite regulatory hurdles, but the impact on broader crypto markets is limited.
Speculation Analysis
Key Takeaways
- Wise expects to resubmit its U.S. charter application under the GENIUS Act after the OCC rejected its national trust bank bid over AML compliance failures.
- The GENIUS Act, signed into law in July 2025, offers a regulatory framework for payment stablecoin providers, though regulators recently missed a critical guidance deadline.
- The OCC has already approved charters for Circle, Ripple, Crypto.com, and Coinbase under the new law, signaling a shift in regulatory posture.
What Happened
Global payments firm Wise is changing its strategy to secure a U.S. charter. After the Office of the Comptroller of the Currency denied its application for a national trust bank on Tuesday, Wise now plans to apply under the GENIUS Act framework. The OCC’s rejection centered on the company’s inability to demonstrate effective anti-money laundering and counter-terrorism financing controls, along with other illicit finance risks. The pivot to stablecoin-specific legislation marks a tactical shift rather than a retreat from the U.S. market.
The Numbers
The GENIUS Act was signed into law in July 2025 and is set to take effect in January 2027. However, federal regulators missed a deadline last week to issue necessary implementation guidance, creating uncertainty for applicants. Since the Act’s passage, the OCC has greenlit at least four national trust charters for digital asset firms—including Circle, Ripple, Crypto.com, and Coinbase—indicating a more favorable environment under the new framework. Wise had not disclosed any specific timeline for its resubmission.
Why It Happened
Wise’s initial application failed because it could not meet the rigorous AML/CFT standards required for a national trust bank. The GENIUS Act provides a separate, tailored pathway for stablecoin issuers, potentially bypassing those hurdles. With the OCC already approving similar charters post-legislation, Wise likely sees a higher probability of success under this regime. The missed guidance deadline adds some complexity, but the core framework remains intact.
Broader Impact
The move underscores that the GENIUS Act is becoming the go-to route for stablecoin firms seeking U.S. regulatory approval. Despite implementation delays, institutional interest persists. If Wise eventually secures a charter, it could encourage other fintech companies to follow the same path, solidifying the Act’s role in shaping the stablecoin landscape.
What to Watch Next
- Finalized regulations and guidance from the OCC and other agencies under the GENIUS Act.
- How the OCC handles future charter applications from firms with past AML/CFT concerns.
- Wise’s official resubmission and any updated compliance measures it may disclose.
This article is for informational purposes only and does not constitute financial advice.
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