US federal regulators failed to finalize implementing regulations by the one-year deadline under the GENIUS Act, instead publishing 10 proposed rules on July 19, 2026. The Guiding and Establishing National Innovation for US Stablecoins Act was signed into law by President Donald Trump on July 18, 2025, establishing the first comprehensive federal regulatory framework for stablecoins in the US.
The Treasury Department issued four proposals covering standards for determining state stablecoin regulatory regime similarity, registration requirements for foreign stablecoin issuers, and anti-money laundering compliance guidelines. The Office of the Comptroller of the Currency (OCC) issued two notices of proposed rulemaking (NPRMs) on approval requirements and supervisory standards for nationally chartered payment stablecoin issuers. The Federal Deposit Insurance Corporation (FDIC) issued one NPRM focused on supervisory expectations and operational standards including reserve management. The National Credit Union Administration (NCUA) proposed rules enabling federally insured credit unions to participate in stablecoin issuance. Federal banking agencies jointly proposed an interagency implementation rule to harmonize supervision across the OCC, Federal Reserve, and FDIC.
Missing the statutory deadline does not invalidate the GENIUS Act, but unfinished rules may result in regulatory uncertainty for stablecoin issuers. Anchorage Digital, a federally chartered crypto bank, stated: “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.”
The CLARITY Act, which seeks to establish the first federal regulatory framework for digital assets in the US, cleared the Senate Banking Committee in May 2026. Galaxy Digital estimated the odds of the CLARITY Act becoming law in 2026 at 50 percent as of late June. On July 13, 2026, state banking associations sent a joint letter on CLARITY Act yield provisions, arguing that the legislation would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional banks. The American Bankers Association (ABA) and Independent Community Bankers of America (ICBA) urged amendments to prevent payment stablecoins from acting as deposit substitutes.
