U.S. regulatory agencies missed a Saturday deadline to enact regulations under the Guiding and Establishing National Innovations for U.S. Stable Coins (GENIUS) Act, a year after the law was signed into law.
Although several regulatory agencies published proposed regulations and solicited public comments last year, no final regulations were issued before the deadline.
These agencies include the Treasury Department, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board, according to a law firm that monitors rulemaking Peddler and a cryptocurrency investment company Paradigm.
Missing the statutory deadline does not invalidate the GENIUS Act, but unfinished rules may result in regulatory uncertainty for stablecoin issuers.
The GENIUS Act established the first comprehensive federal regulatory framework for stablecoins in the US. The act was signed into law by President Donald Trump on July 18, 2025.
Related: ABA, State Banking Groups Rollback Stable Coin Yield Regulations Under CLARITY Act
Since the act was signed, the Ministry of Treasury has presented four proposed regulations
Of the 10 notices of proposed rulemaking (NPRM) issued since the GENIUS Act went into effect, the Department of Treasury has issued the most proposals, with four of them, covering broader implementation of the Act, including standards for determining whether state stablecoin regulatory systems are similar to the federal framework, registration requirements for foreign issuers of stablecoins, and guidance on AML compliance, according to Paradigm.
Progress in lawmaking after the entry into force of the GENIUS Act. Source: Paradigm.
The OCC has issued two NPRMs covering nationally licensed stablecoin issuers, approval requirements, and supervisory standards.
The FDIC has issued one NPRM for FDIC-supervised institutions issuing stablecoins, focusing on supervisory expectations and operational standards such as reserve management.
The National Credit Union Administration (NCUA) has proposed rules to allow credit unions to participate in the issuance of stablecoins.
Finally, the federal banking agencies jointly proposed an interagency implementation rule to harmonize supervision across the OCC, Federal Reserve, and FDIC, with the goal of ensuring consistent supervisory expectations across federal regulators.
Anchorage is calling on lawmakers to pass the CLARITY Act
Federally chartered crypto bank Anchorage Digital used the one-year anniversary to urge lawmakers to pass a second piece of cryptocurrency legislation, the Digital Assets Transparency Act (CLARITY).
“On the one-year anniversary of GENIUS, we renew our call on Congress to pass the CLARITY Act and extend the clear market structure rules that have worked for stablecoins to the broader digital asset economy,” Anchorage Digital wrote on Friday report.
The CLARITY Act seeks to establish the first federal regulatory framework for digital assets in the US. It cleared the Senate Banking Committee in May, although banking industry groups argued it would allow crypto companies to offer stablecoin yields without facing the same requirements as established banks.
On July 13, state banking associations, including the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA), sent a joint letter calling on Senate leaders to provide more details on the stablecoin yield provisions included in the CLARITY Act and arguing that the recent amendments must prevent payment coins from acting as deposit substitutes rather than pure transaction tools.
On June 26, Galaxy Digital reduced its chances of the CLARITY Act becoming law in 2026 to 50%, citing the lack of unified Senate text on banking and agriculture, the lack of a firm timeline and the increasingly miniature legislative window before lawmakers leave Washington.
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