Wise Seen Reapplying for OCC Approval Under GENIUS Act Framework

Wise may make a fresh push for approval from the US Office of the Comptroller of the Currency under the framework of the GENIUS Act, in a strategic shift after its earlier bid to establish a national trust bank was rejected.

Citing a William Blair research note dated July 25, Cointelegraph reported that the investment bank sees Wise as likely to reapply for OCC approval under the GENIUS Act framework. The OCC rejected Wise’s application to establish a national trust bank earlier this week, citing shortcomings in its anti-money laundering and countering the financing of terrorism controls, along with risks tied to other illicit financial activity.

William Blair said Wise’s business model is focused on lowering the cost of cross-border remittances rather than promoting a specific payment instrument. That suggests any renewed application would leave largely intact its existing strategy of using payment stablecoins.

The GENIUS Act, which took effect in July 2025, sets out a federal regulatory framework for payment stablecoin issuers in the US. Even so, the rollout may take longer because federal regulators did not finalize 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 also stands to pursue approval again through the GENIUS Act framework instead of seeking to establish a national trust bank.