Davis Polk partner and Financial Institutions co-head David Portilla discussed the OCC’s new proposed rules around stablecoins in Politico’s “Morning Money” newsletter. 

The piece explains that the proposal is the first attempt to implement the GENIUS Act and would establish a regulatory framework for the safe and lawful issuance of dollar-pegged stablecoins.

Discussing the details of the proposal, David said, “The OCC’s proposal is notably comprehensive, and it came out relatively quickly. In essence, the proposal means the prohibition on issuing payment stablecoins without a license will be effective soon.”

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