Wise to resubmit US bank charter application under GENIUS Act

The OCC denied the UK company’s application this week citing AML/CFT risks, despite approving similar charters for digital asset companies in the last year.

Update (July 25, 4:39 pm UTC): This article has been updated to include a response from Wise.

Payments company Wise will to change its strategy for seeking a bank charter from the US Office of the Comptroller of the Currency (OCC) to one “under a GENIUS Act framework,” the legislation to regulate stablecoins in the country.

According to a Thursday notice from Wise, the company plans to submit a new application for a national trust bank charter under a GENIUS Act framework. Investment banking group William Blair said that Wise will likely not shift its position on payment stablecoins with the new OCC application, despite being denied a charter to establish a national trust bank on Tuesday.