GENIUS Act: A Year Later, Final Stablecoin Rules Still Pending

U.S. federal agencies have not adopted the implementing rules of the GENIUS Act before the one-year deadline, settling for ten text proposals. This delay, which occurred on July 18, 2026, leaves stablecoin issuers awaiting final frameworks. Will the window for regulatory clarity finally close?

Washington Missed Its Own GENIUS Act Deadline

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) opened, one year ago, the first real period of clarity for U.S. stablecoins. Yet, one year later, its final framework is still missing.

The movement deserves attention because it concerns the first federal foundation dedicated to stablecoins. The Treasury, OCC, FDIC, and Federal Reserve are among the involved agencies, according to follow-ups by the Chapman firm and crypto company Paradigm.

Missing this deadline does not dilute the force of the GENIUS Act. However, the lack of final texts fuels regulatory uncertainty for issuers. President Donald Trump signed the law on July 18, 2025, establishing the first comprehensive federal framework on stablecoins in the United States. Agencies have multiplied public consultations without succeeding in fixing a definitive regulation before the weekend.

The Treasury Has Published Four Proposals Since the Signing

Of the ten notices of proposed rulemaking (NPRM) published since the GENIUS Act was signed, the Treasury Department has been the most active, with four texts. These cover the overall implementation of the law, criteria for equivalence between state regimes and the federal framework, registration of foreign issuers, and anti-money laundering standards, according to Paradigm. The OCC added two NPRMs on nationally chartered issuers and supervision standards.

The FDIC published an NPRM targeting institutions under its supervision, with an emphasis on reserve management. The NCUA (National Credit Union Administration) proposed opening the field to federally insured credit unions.

Finally, the federal banking agencies filed an interagency rule to harmonize supervision between the OCC, Federal Reserve, and FDIC. The reference article on stablecoin regulation details the framework these texts seek to clarify.

Anchorage Pushes Congress to Pass the CLARITY Act

On this first anniversary, crypto bank Anchorage Digital has reignited Congress on a second legislative component, the CLARITY Act. This text targets the first federal framework for digital assets outside stablecoins. Galaxy Digital lowered on June 26 the chances of the CLARITY Act being adopted in 2026 to 50%, citing the absence of common text in the Senate and the tight schedule before the lawmakers’ break.

On the occasion of GENIUS’s first anniversary, we renew our call to Congress to adopt the CLARITY Act and extend clear market structure rules, which have proven effective for stablecoins, to the entire digital asset economy.

Anchorage Digital published this appeal the Friday before the deadline. The CLARITY Act passed the Senate Banking Committee in May, but banking groups see a risk of yield on stablecoins without the same constraints as a traditional bank.

On July 13, the American Bankers Association and the ICBA wrote to senators requesting more clarification on yields, so that payment stablecoins remain transaction tools and not substitutes for deposits.

In short, America missed its own deadline without weakening the GENIUS Act, leaving issuers in a regulatory limbo. The CLARITY Act schedule, the yield compromises, and interagency convergence will shape the coming months. The clarity promised by Washington is not dead, but it is delayed.