The US crypto market focused on two major developments on Wednesday, October 21. President Donald Trump is preparing to discuss efforts to combat crypto fraud at a White House event. On the same day, the Office of the Comptroller of the Currency (OCC) announced its final rule under the GENIUS Act.
The developments highlight Washington’s digital asset security and oversight agenda. The White House is focusing on foreign criminal networks targeting Americans. Meanwhile, the OCC is establishing operating requirements for stablecoin issuers under its jurisdiction.
Trump to Outline Efforts Against Crypto Fraud
A White House official told Reuters that the event would cover cybercrime prevention efforts. Trump and cabinet members will highlight operations targeting fraudulent crypto investment websites. They will also address efforts to combat online scammers who deceive users through impersonation.
FBI Director Kash Patel and Attorney General Todd Blanche are expected to attend. Homeland Security Secretary Markwayne Mullin and Defense Secretary Pete Hegseth are also among the expected participants. Their remarks could provide further details on the administration’s approach to cross-border criminal networks.
FBI data points to an increase in complaints about internet scams. Americans filed more than one million complaints with the agency last year. That figure rose 17% compared with 2024.
However, the data covers all internet scam complaints. The total therefore cannot be attributed solely to crypto fraud.
In a March executive order, Trump directed the Justice Department to prioritize investigations into online scammers. He later instructed the Department of Homeland Security to work with private companies to monitor foreign cybercrime groups. Today’s event provides another platform for the administration to present its work in this area.
OCC Finalizes Stablecoin Rules
On the regulatory side, the OCC’s GENIUS Act decision took center stage. The agency announced its final rule for payment stablecoins and certain related activities. The regulation covers issuers under OCC supervision and certain custody services.
The new framework introduces requirements for reserve assets, redemption processes, and risk management. It also governs audits, reporting, capital, applications, and registration procedures. Oversight of foreign stablecoin issuers is another area covered by the rule.
Its scope includes certain bank subsidiaries and nonbank entities seeking federal authorization. Some state-licensed issuers subject to the OCC’s regulatory or enforcement authority will also have to comply. The agency is thereby clarifying the implementation framework for different types of issuers under its jurisdiction.
The GENIUS Act, which Trump signed on July 18, 2025, established a regulatory framework for payment stablecoins. The law generally restricts payment stablecoin issuance in the United States to authorized entities. The OCC’s decision details how this framework will operate within the agency’s jurisdiction.
Effective Date Set for January 18, 2027
According to the OCC, the final rule and the GENIUS Act will take effect on January 18, 2027. Today’s announcement therefore does not mean the new framework applies immediately. The agency will separately announce when it will begin accepting applications and waiver requests.
The final text does not cover all anti-money laundering and sanctions obligations. The OCC will address provisions relating to the Bank Secrecy Act and OFAC sanctions in a separate rulemaking. It will coordinate that process with the Treasury Department.
Comptroller of the Currency Jonathan Gould emphasized standards for reserve backing, redemption, and risk management. The agency also said it would monitor the sector’s development and update its supervisory framework as necessary.
