US regulators miss key GENIUS Act deadline as stablecoin rules stall

U.S. financial regulators have missed the GENIUS Act’s one-year deadline to complete key rules for the country’s federal stablecoin framework. 

Several regulations remained at the proposal stage when the July 18, 2026, deadline passed.President Donald Trump signed the GENIUS Act into law on July 18, 2025. The law required primary federal stablecoin regulators to issue implementing rules within one year. The Office of the Comptroller of the Currency began its main rulemaking process earlier this year, but final rules were not in place by the deadline.

Major stablecoin regulations remain unfinished

The OCC released its main proposed GENIUS Act rules in February. The proposal covers reserve assets, redemptions, capital, liquidity, custody and risk management for stablecoin issuers under its supervision.

The Federal Deposit Insurance Corporation also proposed its own framework in April. It covers reserve requirements, capital, redemptions, custody and risk controls for issuers linked to FDIC-supervised banks. However, the rules remain unfinished.

As reported by crypto.news, major banking groups previously asked regulators to coordinate several GENIUS Act proposals before completing them. The groups argued that rules from different agencies remain closely connected and should not move forward separately.

The National Credit Union Administration has also been working on rules for stablecoin issuers. Its latest standards proposal remained in the consultation process close to the statutory deadline.

Customer identification rules remain open

Federal regulators also have not completed rules covering customer identification for stablecoin issuers. The joint proposal released by federal agencies would require covered issuers to verify customers and maintain identification records.

As reported by crypto.news, the proposal would treat permitted stablecoin issuers as financial institutions under Bank Secrecy Act requirements. The public comment period runs beyond the July 18 rulemaking deadline, preventing regulators from completing the normal review process beforehand.

Anti-money laundering and sanctions rules also remain under development. The Treasury Department proposed separate compliance requirements in April, while the FDIC issued another proposal covering issuers under its supervision.

State oversight remains unsettled

The GENIUS Act allows some smaller stablecoin issuers to operate under state supervision when local rules meet federal standards. The law uses the term “substantially similar” to describe qualifying state frameworks.

The Treasury Department proposed rules for that certification process in April, but the framework has not been finalized. As reported by crypto.news, a bipartisan group of senators later urged Treasury to preserve the role of state regulators and provide clearer certification timelines.

New York has also moved to align its stablecoin rules with the federal system.Crypto.news reported that the state proposed updated requirements as it prepares to seek recognition under the GENIUS Act framework.

Missed deadline shortens the preparation window

Missing the July 18 rulemaking deadline does not automatically delay the GENIUS Act’s start date. The law is scheduled to take effect by January 18, 2027, unless final rules trigger an earlier effective date under its implementation timetable.

That leaves prospective stablecoin issuers preparing for a federal framework while several detailed requirements can still change. Companies must eventually adjust their reserve management, customer checks, redemption processes and compliance systems to meet the final rules.

As reported by crypto.news, the July deadline was a key point in the GENIUS Act rollout. Regulators have now passed that date with major rule packages still unfinished, reducing the time between final rule publication and the framework’s scheduled start.