One year after the U.S. GENIUS Act took effect, regulators have yet to finalize the accompanying rules for stablecoin oversight. Most regulations from the OCC, FDIC, NCUA, and the Treasury remain in draft form, while Fed and anti-money laundering-related rules are still open for public comment. Although the stablecoin framework has officially taken effect, key details regarding reserves, capital requirements, custody, liquidity, and risk management have not yet been implemented.
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