Wise to resubmit US charter application under GENIUS Act
Wise plans to resubmit its US national trust bank charter application under a GENIUS Act framework after the OCC denied the UK payments firm's bid this week, citing AML and CFT compliance gaps. The Wise resubmit charter application push keeps the company in the race for US banking authority as stablecoin rules take shape.
Key Takeaways
- Wise will file a new OCC national trust bank charter bid under a GENIUS Act framework after a Tuesday denial.
- The OCC cited gaps in Wise's AML and CFT program and other illicit-finance risks.
- William Blair says Wise is unlikely to change its stance on payment stablecoins.
- The OCC has recently approved similar trust charters for Circle, Ripple Labs, Crypto.com and Coinbase.
What did the OCC say about Wise's denied charter?
The US Office of the Comptroller of the Currency rejected Wise's application this week. Regulators said the company could not show an effective anti-money laundering and countering the financing of terrorism compliance program.
The OCC also pointed to "other illicit finance activity risks." That denial landed even as the agency has approved comparable national trust charters for several digital asset firms over the past year.
Why is Wise shifting to a GENIUS Act framework?
According to a Thursday notice, Wise plans to submit a fresh national trust bank charter application under a GENIUS Act framework. The move reframes how the London-based payments company seeks OCC approval after the failed bid.
Investment bank William Blair said Wise will likely keep its current position on payment stablecoins. "Wise is focused on lowering the cost of cross-border transactions, agnostic of the rail," William Blair noted on the GENIUS-aligned filing strategy.
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What does the GENIUS Act mean for this application?
The GENIUS Act, signed into law in July 2025, sets a US framework for payment stablecoin providers, with federal agencies still finalizing implementing rules. Regulators missed a key guidance deadline last week ahead of the law's January 2027 effective date.
That backdrop matters because the OCC has already greenlit trust charters for Circle, Ripple Labs, Crypto.com and Coinbase after the stablecoin bill passed. Wise's new approach aims to reenter that regulatory lane with a clearer statutory footing.
As Cointelegraph reported, the company updated its response on July 25, confirming the GENIUS Act strategy for a renewed OCC charter bid. Cross-border customers and crypto-adjacent payment rails will be watching whether the revised application clears the AML hurdles that blocked the first try.