Svmuu News: Payment company Wise plans to adjust its strategy for applying for a U.S. banking license and will resubmit an application to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter under the framework of the GENIUS Act, a stablecoin regulatory bill.
Earlier this Tuesday, the OCC rejected Wise’s application, stating that the company had failed to demonstrate effective anti-money laundering (AML) and counter-terrorism financing (CFT) compliance systems and that there were risks of other illegal financial activities. Investment bank William Blair stated that it does not expect this resubmission to alter Wise’s fundamental stance on payment-type stablecoins; Wise’s focus remains on reducing cross-border transaction costs, rather than being limited to specific payment channels. (Cointelegraph)