US agencies miss GENIUS Act deadline for final stablecoin rules

US regulatory agencies missed Saturdays rulemaking deadline under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, one year after the law was signed.

While several regulatory agencies published proposed rules and collected public feedback during the past year, no final regulations were issued before the deadline.

Those agencies include the Department of the Treasury, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board, according to rulemaking trackers by law firm Chapman and

crypto investment

company Paradigm.

Missing the statutory deadline does not invalidate the GENIUS Act, but the unfinished rules could 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 push back on CLARITY Act stablecoin yield provisions

Treasury issued four rule proposals since law signing

Of the 10 notices of proposed rulemaking (NPRM) issued since since the GENIUS Act was signed into law, the Treasury Department issued the most proposals, four, covering the broader implementation of the act, including standards for determining whether state stablecoin regulatory regimes are similar to the federal framework, registration requirements for foreign stablecoin issuers and guidelines for compliance with anti-money laundering measures, according to Paradigm.

Rulemaking progress after the GENIUS Act was signed into law. Source: Paradigm.

The OCC issued two NPRMs covering nationally chartered payment stablecoin issuers, approval requirements and supervisory standards.

The FDIC issued one NPRM on FDIC-supervised institutions that issue payment stablecoins, focused on supervisory expectations and operational standards such as reserve management.

The National Credit Union Administration (NCUA) proposed rules enabling federally insured credit unions to participate in stablecoin issuance.

Finally, federal banking agencies jointly proposed an interagency implementation rule to harmonize supervision across the OCC, Federal Reserve and FDIC, aiming to ensure consistent supervisory expectations across all federal regulators.

Anchorage urges lawmakers to pass CLARITY Act

Federally chartered crypto bank Anchorage Digital took the occasion of the one-year anniversary to urge lawmakers to pass a second piece of crypto legislation, the Digital Asset Market Clarity Act (CLARITY).

“On GENIUS‘ one-year anniversary, we’re renewing our call for Congress to pass the CLARITY Act and extend the clear market-structure rules that worked for stablecoins to the broader digital asset economy,” Anchorage Digital wrote in a 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, though banking industry groups argued that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional 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 urging Senate leaders to provide more detail on the CLARITY Acts stablecoin yield provisions and argued that new amendments need to prevent payment stablecoins from acting as deposit substitutes rather than pure transaction tools.

On June 26, Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, citing the lack of a unified Senate Banking-Agriculture text, no firm floor schedule and a narrowing legislative window before lawmakers leave Washington.