The GENIUS Act, which focuses on stablecoins, was enacted a year ago.
By Nikhilesh De Jul 19, 2026, 6:30 p.m. 4 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on President Donald Trump at the White House discussing the signing of the GENIUS Act in July 2025. (Jesse Hamilton/CoinDesk)One year ago, President Donald Trump enacted the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, marking the first federal effort to regulate stablecoins in the United States. A year later, regulators are still navigating the complexities of establishing the necessary rules for stablecoin issuers.
You’re reading State of Crypto, a CoinDesk newsletter examining the relationship between cryptocurrency and government. Click here to subscribe for future editions.
Stablecoin regulationsThe context
Since the GENIUS Act became law a year ago, it has tasked federal regulatory bodies with determining the governance framework for stablecoins.
Importance of the Act
This legislation provides a foundational direction for how stablecoin issuers manage reserves, governance, and operations, while leaving the specifics to agencies like the Office of the Comptroller of the Currency and the Federal Depository Insurance Corporation.
Analyzing the situation
The enactment of the GENIUS Act represents the U.S.'s initial comprehensive federal legislation focusing on cryptocurrencies, even though it addresses only a niche segment of the market.
A year later, while the regulations are not finalized, there is greater clarity regarding regulatory perspectives on stablecoins and potential regulatory outcomes.
Ji Hun Kim, CEO of the Crypto Council for Innovation, described the bill's passage as "a landmark moment."
He stated, "One year in, agencies, institutions, and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward mainstream adoption."
Regulators have circulated proposed rules for public feedback on various governance and regulatory aspects of stablecoins, including a proposal requiring stablecoin issuers to implement know-your-customer protocols similar to those of traditional financial institutions. The FDIC recently published 144 inquiries regarding its oversight of stablecoin issuers, focusing on custody, capital, and liquidity standards. Meanwhile, the OCC released its own proposal in February outlining its interpretation of the law.
The finalization of these rules is still several months away. Meanwhile, the industry is striving to advance the Digital Asset Market Clarity Act.
Clarity issuesThe current draft of the combined Clarity Act is not publicly available as of Friday night. Although industry insiders anticipated its release last week, the timeline has shifted. On Thursday, Senators Cynthia Lummis and Bernie Moreno were scheduled to inform Trump about the bill. However, no public summary of that meeting was released afterward, though both senators tweeted about Trump's comments on the election later that day.
A number of unresolved issues remain before the bill can be passed, with the primary concern being the absence of an ethics provision to prevent high-ranking government officials from benefiting from their crypto investments.
As of now, there is no bipartisan consensus on ethics, according to sources tracking the situation who spoke with CoinDesk last week.
In a recent statement, Senator Elizabeth Warren expressed her request for Trump to provide a financial disclosure that includes the first half of 2026, following his earlier disclosure in 2025, which indicated he earned over $1.4 billion from various crypto ventures.
A voluntary disclosure would "provide Congress with information it needs to effectively address governmental ethics concerns," her press release noted.
Warren remarked, "Unfortunately, [the 2025 disclosure] does not accurately reflect your current finances: it does not account for any recent changes." She noted, "You are not required to file information on your Annual Report for 2026 with [the U.S. Office of Government Ethics] until May 15, 2027."
In a related development, a subcommittee of the House Financial Services Committee conducted a hearing on Friday regarding the implications of the Clarity Act for cryptocurrency. Rep. Bryan Steil, chair of the digital assets subcommittee, emphasized the need for Congress to pass the bill to foster growth in the digital assets sector.
"Our goal is clear: replace regulation by enforcement with clear rules of the road for digital assets," he said. "For 250 years, America has led the world in financial innovation. For 15 years, blockchain technology has redefined what's possible. For 10 years, Congress has been working to establish the rules of this new financial frontier, and for one year we have had a statutory framework for payment stablecoins. Now it's our turn to meet the moment."
The resolution of ethical concerns and other outstanding matters remains uncertain as lawmakers prepare to leave town.
This weekTuesday
- 14:00 UTC (10:00 a.m. ET) A subcommittee from the House Agriculture Committee will hold a hearing on prediction markets.
If you have any thoughts or questions about what I should cover next week or any feedback you'd like to provide, feel free to email me at nik@coindesk.com or connect with me on Bluesky @nikhileshde.bsky.social.
You can also engage in the group discussion on Telegram.
See you next week!
NewslettersState of CryptoClarity ActLatest Crypto News- 1Bitcoin's biggest advocate, Michael Saylor, calls new blockchain cleanup plan 'a bad idea'3 hours ago
- 2AI is undermining the internet. Math is our only hope.5 hours ago
- 3Tether's USDT enters a 2-year countdown that may jeopardize its standing on U.S. crypto platforms6 hours ago
- 4Kraken argues that simpler options could unlock the next derivatives market in crypto6 hours ago
- 5Bitcoin’s quantum issue sees a recovery tool emerge, but not for Satoshi’s 1.1 million coins9 hours ago
- 6Inside Zcash's new node aiming for Visa-scale privacy at 50,000 transactions per second13 hours ago
- 7France mandates ISPs to block Polymarket21 hours ago
- 8Crypto leaders assert that digital-native generations might never require traditional bank accountsJul 18, 2026
- 9DOG Mode clarifies Bitcoin's impending governance struggleJul 18, 2026
- 10Trump focuses on Brazil's payment systems while dollar stablecoins subtly take over the nation's transactionsJul 18, 2026
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months
CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11T and RWA perpetual volumes hitting a record $311B.
By CoinDesk ResearchJul 13, 2026CEX trading volumes increased for the first time in five months in June, with spot trading rising 15.3% to $1.11T and RWA perpetual volumes hitting a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot trading increasing 15.3% to $1.11T and RWA perpetual volumes reaching a record $311B.
View Full ReportMore From Policy