The AICPA and its affiliate, the Center for Audit Quality (CAQ), recommended that the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) specify that monthly examinations of stablecoin reserve composition reports be conducted in accordance with AICPA standards when implementing provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act.

The law establishes a regulatory framework for payment stablecoins, a type of cryptocurrency designed to maintain a stable value, typically by being pegged to the U.S. dollar.

Among other provisions, the GENIUS Act requires monthly examinations of reserve-related reports for permitted payment stablecoin issuers, as well as annual financial statement audits for certain non-public issuers with more than $50 billion in outstanding stablecoin issuance.

The law’s provisions take effect on the earlier of January 18, 2027, or 120 days after federal banking agencies issue final regulations.

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