Six federal agencies have 35 days to finalize stablecoin rules under the GENIUS Act, covering AML checks, licensing, and reserve requirements. State Street has already launched a compliant fund.
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Six federal agencies have 35 days to finalize the stablecoin rules required by the GENIUS Act, the first major U.S. law setting federal standards for stablecoin issuers. The law, signed as Public Law 119-27, mandates new rules on anti-money laundering checks, issuer licensing, and reserve requirements for what the statute calls "permitted payment stablecoins."
The 35-day window is unusually tight. Federal rulemaking in the U.S. typically stretches for months or years. The process is already underway. A Federal Register notice in April 2026 proposed AML rules for stablecoin issuers, and a follow-up filing in May 2026 covered broader implementation details, according to a rulemaking tracker maintained by law firm Chapman and Cutler.
Multiple agencies share responsibility because stablecoins touch banking, securities law, and consumer protection. The Office of the Comptroller of the Currency is one of the lead regulators and had already proposed rules in March 2026. The tracker shows several agencies have published proposed rules, with final versions now due.
Once finalized, the rules will create legal compliance requirements for any company issuing stablecoins in the U.S. That could help centralized crypto exchanges identify which stablecoins meet federal standards.
Traditional finance is already adjusting. State Street launched a money market fund built specifically for stablecoin reserves, a sign that big financial firms expect this regulation to move forward. The risk is coordination. If the six agencies do not align their approaches, issuers could face conflicting rules from different regulators. The May filing suggests agencies are aware of this challenge.
The 35-day deadline is the most important near-term test of how seriously Washington plans to enforce the GENIUS Act. Separately, analysts expect the CLARITY Act could reach the U.S. Senate floor as soon as July, which would add another layer of crypto-focused legislation.
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