US regulators failed to finalize implementing regulations by the GENIUS Act’s one-year deadline, issuing 10 proposed rules instead.
US regulatory agencies missed Saturday’s 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
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.
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