Wise Reapplies for Federal Trust Bank License Under Genius Law Framework

Wise, a UK-based cross-border payment and currency exchange service provider, is reapplying for a federal trust bank license under the Genius Law framework after its initial application was rejected by the OCC. The OCC cited misalignment with new Federal Reserve policies on payment system master account access. Analysts note that approval would provide a pathway to connect with the U.S. domestic payment network, though the Fed may effectively suspend master account issuances pending its 'payment account' policy framework. The OCC has significantly altered regulatory approaches since Trump's second term, with conditional approvals granted to major crypto firms like Bitgo, Circle, and Fidelity, while traditional banks like Morgan Stanley and Charles Schwab also initiated OCC licensing processes.