Wise is changing course on its U.S. banking charter application and plans to reapply for a national trust bank charter with the Office of the Comptroller of the Currency, this time under the framework of the GENIUS Act, a bill focused on stablecoin regulation. The move follows a rejection from the OCC on Tuesday, when the regulator said Wise had failed to demonstrate an effective anti-money laundering and countering the financing of terrorism compliance system. The OCC also cited risks tied to other illegal financial activity. According to investment bank William Blair, the renewed filing is not expected to alter Wise’s core position on payment stablecoins. The firm’s priority, William Blair said, remains cutting the cost of cross-border transactions rather than committing itself to any single payment rail. The item was cited by Odaily, which referenced Cointelegraph as the source.
Wise plans to revise its U.S. banking charter strategy and reapply to the Office of the Comptroller of the Currency for a national trust bank charter under the framework of the GENIUS Act, a stablecoin regulation bill.
OCC rejected the earlier application on Tuesday
The OCC rejected Wise’s related application on Tuesday. The regulator said Wise had not demonstrated that it had an effective anti-money laundering, or AML, and countering the financing of terrorism, or CFT, compliance system in place. It also pointed to risks involving other illegal financial activity.
William Blair says Wise’s core stance is unchanged
Investment bank William Blair said it does not expect the renewed application to change Wise’s basic position on payment stablecoins. Its view is that Wise remains focused on reducing the cost of cross-border transactions rather than being tied to a specific payment channel.
Cointelegraph was cited as the source of the report.
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