Wise Reapplies for National Trust Bank Charter Under the GENIUS Act

Payment company Wise plans to reapply for a national trust bank charter with the Office of the Comptroller of the Currency (OCC) under the framework of the GENIUS Act. Previously, the OCC rejected Wise's application, citing the company's failure to demonstrate an effective anti-money laundering (AML) and counter-terrorism financing (CFT) compliance system, as well as the risk of other illegal financial activities. Investment bank William Blair anticipates that this reapplication will not change Wise's fundamental stance on payment stablecoins, as Wise continues to focus on reducing cross-border transaction costs rather than being limited to specific payment channels.

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