U.S. Regulators Miss Deadline to Finalize GENIUS Act Stablecoin Rules

U.S. regulators failed to issue the stablecoin implementing rules required by the GENIUS Act within the one-year deadline. As of July 18, major regulatory agencies—including the Treasury Department, OCC, FDIC, and NCUA—have not finalized their rules, with several core provisions still in the proposal or public comment stages. The comment period for the stablecoin issuer’s customer identification rules extends until August 21, and the FDIC’s proposal regarding Bank Secrecy Act and sanctions compliance remains open for public comment until August 4. Rules on reserve assets, capital requirements, liquidity, custody, redemptions, risk management, and state regulatory recognition have yet to be finalized. The GENIUS Act was signed into law on July 18, 2025, requiring regulators to complete accompanying rules within one year. The law establishes requirements for payment stablecoin issuers regarding reserves, redemptions, disclosures, licensing, and oversight, and prohibits the direct payment of interest or returns to holders. Regulatory delays do not automatically extend the law’s effective date; the GENIUS Act will take effect no later than January 18, 2027.