U.S. agencies failed to release final rules for the GENIUS Act on stablecoins by the July 18 deadline, which was set for one year after the law was signed.
The law tasked financial regulators—including the Office of the Comptroller of the Currency (OCC), the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA)—along with the Treasury Secretary, to develop implementation rules.
By the deadline, the responsible parties only published draft documents and opened comment periods, but did not issue final provisions.
Still in Development
In March, the OCC published a comprehensive proposal in the Federal Register regarding the implementation of the GENIUS Act, covering reserve assets, capital, liquidity, securities custody, risk management, reporting, and other requirements for stablecoin issuers.
In April, the FDIC introduced a proposal on prudential standards addressing reserves, capital, redemption, custody, and risk management. This proposal also pertains to deposit insurance for stablecoin reserves and tokenized deposits.
In February, the NCUA published potential rules for licensing, and in May, a broader document on operational management and risk management. The comment period for the second package only closed on July 17.
State-level regulatory principles from the Treasury Department also remain unfinished. This document is intended to define when a state regulatory system is "substantially similar" to the federal regime.
At the end of June, the Fed, FinCEN, OCC, FDIC, and NCUA jointly released a proposal for customer identification, requiring issuers to verify sources of funds and maintain appropriate documentation. Comments are accepted until August 21.
A separate FDIC document regarding Bank Secrecy Act and sanctions compliance standards also remains open.
What’s Next?
Given the structure of U.S. bureaucracy, it is unlikely that several of the proposed rules will be finalized by the end of this year. Additionally, agencies must consider numerous industry feedback before completing the rules.
The missed deadline does not delay the effective date of the GENIUS Act; however, lawmakers must concurrently work on the CLARITY Act.
According to the provisions, the law will take effect either on January 18, 2027 (18 months after enactment) or 120 days after the primary federal regulators issue final rules for its implementation.
Notably, Congress did not include penalties or alternative deadlines if agencies fail to finalize these rules on time.
In June, the American Bankers Association, the Independent Community Bankers of America, and 76 regional associations urged the Senate to clarify provisions of the CLARITY Act regarding stablecoin yields.