Wise to Resubmit US Charter Application Following OCC Rejection
Wise plans to reapply for a US charter after the Office of the Comptroller of the Currency (OCC) denied its initial application.
Wise, a UK-based financial technology company, intends to resubmit its application for a US charter under the GENIUS Act, as reported by Cointelegraph. This decision follows the OCC's recent denial of their initial application, citing concerns related to anti-money laundering (AML) and combating the financing of terrorism (CFT) risks.
The OCC's rejection of Wise's application comes despite the regulator having approved similar charters for other digital asset companies within the past year. This indicates a potentially inconsistent approach by the OCC regarding the assessment of risk for different financial technology firms seeking to operate in the US market.
The GENIUS Act, under which Wise plans to resubmit its application, aims to provide a clearer regulatory framework for innovative financial companies. Wise's move suggests they believe this legislative pathway may address the OCC's concerns more effectively or provide a more suitable route for their US operations.
Original reporting
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