The OCC rejected the British company’s application this week citing AML/CFT risks, although it approved similar charters for digital asset companies last year.
Update (July 25, 4:39 p.m. UTC): This article has been updated to include a response from Wise.
Payments company Wise will change its charter license application strategy from the U.S. Office of the Comptroller of the Currency (OCC) to one “under the GENIUS Act,” the legislation aimed at regulating stablecoins in the country.
According to a Thursday notice of Wise, the company plans to submit a new application for a trusted national bank charter under the GENIUS Act. William Blair Investment Banking Group said that Wise is unlikely to change its stance on payment stablecoins with the new OCC app, although it is denied a charter to establish a national trust bank on Tuesday.
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