US regulators have failed to introduce the stablecoin rules required by the GENIUS Act on time

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Golden Finance reports that on July 19, U.S. regulators failed to issue, on time, the stablecoin implementation rules required by the GENIUS Act within one year. As of July 18, major regulators including the U.S. Department of the Treasury, the OCC, the FDIC, and the NCUA still have not completed final rules, and several key frameworks remain in the proposal or public-comment stage.
Among them, the public consultation on customer identification rules for stablecoin issuers will continue until August 21, while the FDIC’s notice of proposed rules regarding the Bank Secrecy Act and sanctions compliance remains open for comments until August 4. Rules covering reserve assets, capital, liquidity, custody, redemption, risk management, and state-level regulatory determinations have also not been finalized.
The GENIUS Act was signed into law on July 18, 2025, taking effect immediately, and requires regulators to complete related implementing rules within one year. The law has established requirements for payment-stablecoin issuers’ reserves, redemptions, disclosures, licensing, and supervision, including maintaining a 1:1 liquid asset reserve, publishing redemption policies, and providing monthly reserve disclosures, and it prohibits paying interest or returns directly to holders.
Regulatory delays will not automatically postpone the law’s effective date. The GENIUS Act will still take effect no later than January 18, 2027, meaning regulators’ preparation time—and that of potential stablecoin issuers—will be further shortened.
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