Fintech giant Wise is gearing up for a second attempt at securing a US national bank charter. This strategic move follows a recent rejection from the Office of the Comptroller of the Currency (OCC), which pointed to lingering concerns over anti-money laundering and counter-terrorist financing protocols.
Despite the initial roadblock, the company plans to utilize the framework provided by the proposed GENIUS Act. This legislative pathway aims to offer more clarity for digital asset entities seeking regulatory integration, providing Wise with a stronger foundation for its revised submission.
Industry analysts remain divided on the outcome, especially since the OCC has demonstrated a selective approach when granting charters to digital asset firms over the past year. Wise is banking on its improved compliance architecture to align with federal expectations.
The company maintains that its international payment infrastructure is essential for the US market. By aligning with the GENIUS Act, Wise hopes to clear the regulatory hurdles that previously stalled its ambitions to operate as a full-fledged national bank.
