The Office of the Comptroller of the Currency announced on Oct. 21 that existing U.S. payment stablecoin issuers can request a waiver to continue operations after Jan. 18, 2027, when the GENIUS Act takes effect. The guidance states that merely submitting an application will not permit continued issuance; applicants must file substantially complete requests before the effective date. The OCC may still deny waivers if review uncovers compelling reasons to do so. As of Oct. 21, the agency’s application portal indicated intake remained closed pending final Office of Management and Budget approval of required forms. Acceptance will be communicated via press release and reflected on the portal. The waiver framework accompanies the final GENIUS Act rule, which also becomes effective Jan. 18, 2027. Eligible applicants must submit written waiver requests and demonstrate substantially complete applications pending on or before Jan. 18. Substantial completeness requires providing sufficient information for the OCC to assess compliance with approval criteria. Eligible entities include subsidiaries of insured depository institutions that have applied for them and issuers seeking federal qualified payment stablecoin status. Waiver relief can last no more than 12 months starting Jan. 18, 2027, and will be granted only for the duration necessary to address the applicant’s justification. The OCC emphasized that it expects prospective issuers to begin U.S. operations after approval and identified no generally applicable compelling grounds for waivers for entities not already operating or issuing in the United States. Once the portal reopens, covered applicants are advised to request waivers promptly. The agency will evaluate each request on its merits and aims to act by Jan. 18, though even timely applications could leave issuers in violation if a waiver is not granted before continued issuance.