Crypto▼ Bearish
U.S. Agencies Miss GENIUS Act Deadline, Stablecoin Rules Still Pending
Ten proposed rules exist, but no final framework. The Treasury led with four NPRMs. Banking groups push for yield limits on stablecoins. The CLARITY Act's chances sit at 50%.
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U.S. federal agencies did not adopt the final implementing rules of the GENIUS Act before the one-year deadline. They published ten proposed texts instead. The deadline passed on July 18, 2026, one year after President Donald Trump signed the law into effect on July 18, 2025.
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) created the first federal framework for stablecoins. The Treasury Department, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the Federal Reserve are among the agencies involved, according to follow-up work by the Chapman firm and crypto policy group Paradigm.
Missing the deadline does not invalidate the law. The lack of final rules keeps issuers in regulatory uncertainty, the firms said.
Of the ten notices of proposed rulemaking published since the signing, the Treasury Department has been the most active, with four texts. Those cover the law's overall implementation, criteria for equivalence between state regimes and the federal framework, registration of foreign issuers, and anti-money laundering standards, Paradigm said. The OCC added two NPRMs on nationally chartered issuers and supervision standards. The FDIC published an NPRM targeting institutions under its supervision, with an emphasis on reserve management. The National Credit Union Administration proposed opening the field to federally insured credit unions. The federal banking agencies filed an interagency rule to harmonize supervision between the OCC, the Fed, and the FDIC.