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GENIUS Act leaves money‑transmitter licensing requirements for stablecoin businesses intact
The GENIUS Act establishes a federal framework for issuing payment stablecoins but does not eliminate money‑transmission regulation for firms that handle them. Exchanges, wallets, payment processors and remittance companies may still need to register with FinCEN and obtain state money‑transmitter or virtual‑currency licenses. State‑law preemption applies only to qualified payment stablecoin issuers and certain subsidiaries, not to third‑party service providers. The OCC’s final rule takes effect on January 18, 2027, yet existing licensing obligations remain. State‑qualified issuers receive limited protections while consumer‑protection laws continue to apply.