U.S. regulators missed Saturday’s rulemaking deadline under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, one year after the law was signed into law.
Over the past year, several regulators have published proposed rules and collected public feedback, but no final rules were issued by 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 rulemaking tracker by law firm Chapman and crypto investment firm Paradigm.
While missing statutory deadlines does not invalidate the GENIUS Act, it may create regulatory uncertainty for stablecoin issuers because the rules are incomplete.
The GENIUS Act established the first comprehensive federal regulatory framework for stablecoins in the United States. The law was signed into law by President Donald Trump on July 18, 2025.
Related: ABA, state-owned banking groups push back against CLARITY Act’s stablecoin yield provisions
The Treasury Department has issued four proposed regulations since the law was signed.
According to Paradigm, of the 10 Notices of Proposed Rulemaking (NPRM) issued since the GENIUS Act was signed, the Treasury Department issued the most proposals (four), targeting broader implementation of the law, including criteria for determining whether a state’s stablecoin regulatory regime is similar to the federal framework, registration requirements for foreign stablecoin issuers, and anti-money laundering compliance guidelines.
Rulemaking progress since the GENIUS Act was signed. Source: Paradigm.
The OCC has issued two NPRMs covering nationally recognized payment stablecoin issuers, approval requirements, and supervisory standards.
The FDIC has issued one NPRM to FDIC supervisory agencies that issue payment stablecoins, focusing on operational standards such as supervisory expectations and reserve management.
The National Credit Union Administration (NCUA) has proposed rules that would allow federally insured credit unions to participate in stablecoin issuance.
Finally, the federal banking agencies jointly proposed interagency implementing rules to harmonize supervision across the OCC, Federal Reserve, and FDIC, with the goal of ensuring consistent supervisory expectations across all federal regulatory agencies.
Anchorage asks lawmakers to pass CLARITY Act
Federally chartered cryptocurrency bank Anchorage Digital used the one-year anniversary to urge lawmakers to pass the second crypto bill, the Digital Asset Market 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 said in a report Friday.
The CLARITY Act seeks to establish the first federal regulatory framework for digital assets in the United States. The bill passed the Senate Banking Committee in May, but banking industry groups argued it would allow crypto companies to offer stablecoin yields without facing the same requirements as traditional banks.
On July 13, state banking associations, including the American Bankers Association (ABA) and the American Independent Community Bankers Association (ICBA), sent a joint letter asking Senate leaders for more clarification on the CLARITY Act’s stablecoin yield provisions and arguing that new amendments are necessary to prevent payment stablecoins from functioning as deposit substitutes rather than pure transaction tools.
On June 26, Galaxy Digital lowered the chance of passage of the CLARITY Act in 2026 to 50%, citing the lack of a unified Senate Banking and Agriculture document, the lack of a solid legislative agenda, and the narrow legislative window before lawmakers leave Washington.
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