Wise, the London-based fintech giant, saw its shares fall by up to 11% after the Office of the Comptroller of the Currency (OCC) rejected its application for a national trust bank charter on July 23, 2026. The company processed over $240 billion in cross-border payments during fiscal year 2026 and served around 19 million customers, highlighting the scale of its US operations. This setback forces Wise to rethink its approach and resubmit under the fresh regulatory framework introduced by the GENIUS Act.
Why the OCC Said No
Wise’s original application, filed in June 2025, aimed to secure a federally recognized trust bank status that would give it direct access to US payment rails. This would eliminate the need to juggle numerous state licenses, streamlining its US operations. However, the OCC’s rejection stemmed from concerns over Wise’s compliance with anti-money laundering (AML) protocols. These concerns relate to a multi-state consent order issued in July 2025, which mandated improvements in Wise’s compliance infrastructure.
Consent orders are legal agreements that require companies to implement rigorous, verifiable changes. Despite Wise’s strong market presence and the processing volume, the OCC emphasized regulatory standards over size, signaling that no shortcuts will be tolerated. Wise executives remain confident that the improvements demanded by the consent order will meet the OCC’s expectations during the next submission.
GENIUS Act Opens a New Door
Signed into law on July 18, 2025, the GENIUS Act established the first federal regulatory framework for payment stablecoins. One of its key provisions allows uninsured national trust banks to issue stablecoins, a significant shift in US financial regulation. Wise’s plan to use this law in its new application shows the company’s intention to embed stablecoins deeply within its US strategy, rather than treating them as a niche product.
By aligning with the GENIUS Act, Wise can potentially bypass some previous regulatory hurdles and tap into a clearly defined path for integrating traditional payment services with crypto rails. This move aligns with broader industry trends, where fintechs and crypto firms are seeking unified regulatory clarity to expand services.
