Federal regulators in the United States have missed the deadline to complete rules required under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a year after the law was signed.
Over the past 12 months, agencies have published proposed regulations and sought feedback from industry participants. However, none of the required rules had been finalised by 18 July 2026. While the missed deadline does not affect the validity of the law, stablecoin issuers are still waiting for clarity on how key parts of the framework will be applied in practice.
Responsibility for implementing the GENIUS Act was shared across several agencies, including the Department of the Treasury, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board. Signed by President Donald Trump on 18 July 2025, the GENIUS Act created the first nationwide regulatory framework specifically designed for stablecoins.
Data compiled by law firm Chapman and crypto investment company Paradigm shows, as reported by Cointelegraph, that regulators released 10 notices of proposed rulemaking during the first year of implementation. Despite that activity, no agency completed the final rulemaking process before the statutory deadline. For companies planning to issue payment stablecoins, several compliance and operational requirements therefore remain uncertain.
Among the agencies involved, the Treasury Department was the most active, releasing four proposed rules linked to the implementation of the legislation. Those proposals covered issues such as recognising state-level regulatory regimes, registration requirements for foreign stablecoin issuers and anti-money laundering obligations.
The OCC published two proposals dealing with nationally chartered payment stablecoin issuers, focusing on supervisory standards and approval procedures. The FDIC’s proposal addressed institutions under its supervision that may issue stablecoins, including expectations around reserves and operational risk management.
Meanwhile, the National Credit Union Administration outlined a framework that would allow federally insured credit unions to participate in stablecoin issuance. Federal banking regulators also worked together on a separate proposal aimed at creating a more consistent supervisory approach across agencies.
For many market participants, the GENIUS Act represented a significant milestone because it offered a path towards a clear federal framework for stablecoins. The delay comes at a time when competition in the stablecoin market continues to grow and policymakers are paying closer attention to the role of digital assets in the wider financial system.
Marking the first anniversary of the GENIUS Act, Anchorage Digital used the occasion to urge lawmakers to move forward with the Digital Asset Market Clarity Act, better known as the CLARITY Act. According to the federally chartered crypto bank, the approach used for stablecoins should now be extended to the broader digital asset sector.
The proposed legislation would establish a federal market structure framework for cryptocurrencies and other digital assets. It passed through the Senate Banking Committee in May and is still awaiting further action in Congress.
Supporters say the bill would provide long-needed certainty for the crypto industry. Critics, however, argue that some provisions could allow crypto firms to offer stablecoin yields without being subject to the same regulatory standards as traditional banks.
Questions surrounding stablecoin yields have become one of the most debated aspects of the CLARITY Act. On 13 July, a coalition of banking organisations, including the American Bankers Association and the Independent Community Bankers of America, called on Senate leaders to provide additional detail on those provisions.
The groups warned that payment stablecoins should not evolve into alternatives to bank deposits and argued that the legislation should contain stronger safeguards. Their concerns reflect a broader debate taking place in Washington over how stablecoins should fit into the existing financial system as adoption continues to increase.
