US financial regulators missed the deadline to finalize rules under the GENIUS Act, a year after the stablecoin law was signed. Agencies released draft proposals and asked for public feedback, but none of the required regulations were finished before the deadline.
As a result, stablecoin issuers still do not have final guidance on how the law will be applied, even though the GENIUS Act is still in effect. Signed by President Donald Trump on July 18, 2025, the law created the first federal framework for regulating payment stablecoins in the US.
The agencies involved are the US Department of the Treasury, the OCC, the FDIC, the Federal Reserve Board and the NCUA. They issued several proposed rules covering different parts of the new regulatory framework.
The Treasury Department released the most proposals, focusing on registration rules for foreign stablecoin issuers, anti-money laundering compliance, and how to judge if state regulations match the federal framework.
The OCC proposed rules for nationally chartered payment stablecoin issuers, including how they get approved and supervised. The FDIC published proposals for the stablecoin issuers it oversees, focusing on reserve management and operations. The NCUA also suggested rules to let federally insured credit unions issue stablecoins.
The federal banking agencies also proposed a joint framework to make supervision consistent across regulators. However, none of these proposals have been finalized yet.
Although missing the deadline does not affect the GENIUS Act itself, industry participants say the lack of final rules creates uncertainty for companies trying to comply.
THE BLOCK: US regulators have missed the GENIUS Act’s one-year deadline to finalize the nation’s stablecoin rules.
Every major rulemaking remains a proposal, with comment periods still open into September. The delay doesn’t move the law’s January 2027 effective date, leaving… pic.twitter.com/AdhCsFz8Qv
— The Block (@TheBlockCo) July 18, 2026
On the law’s first anniversary, Anchorage Digital, a federally chartered crypto bank, called on Congress to move forward with the Digital Asset Market Clarity (CLARITY) Act. This new law would create a broader regulatory framework for digital assets beyond just stablecoins.
The proposed law is still being considered in Congress. Banking groups have raised concerns about some parts of it, especially those about stablecoin yields. Earlier this month, several banking associations asked for clearer language to make sure payment stablecoins do not replace traditional bank deposits.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment