GENIUS Act: One year has passed, final rules for stablecoins are still pending

U.S. federal agencies failed to pass the implementation details of the GENIUS Act within a one-year deadline and only submitted ten text proposals

This delay occurred on July 18, 2026, leaving stablecoin issuers still waiting for the final regulatory framework. Is the window for regulatory clarity about to close?

Brief summary

Federal agencies failed to meet the one-year deadline set out in the GENIUS Act by Saturday, July 18, 2026. Ten rules have entered the proposal stage but have not been finalized before the deadline. The Ministry of Finance submitted four proposals, two from the Office of the Comptroller of the Currency, one from the Federal Deposit Insurance Corporation, and the National Credit Union Administration opened channels for credit unions.

Washington failed to meet its own GENIUS deadline

A year ago, the GENIUS Act opened the first real period of regulatory clarity for U.S. stablecoins. However, one year later, its final framework has not yet been implemented. This trend is noteworthy because it involves the first federal legal basis specifically for stablecoins. According to follow-up by relevant institutions and crypto companies, the Ministry of Finance, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve are all involved institutions. Delinquency did not diminish the effectiveness of the GENIUS Act, but the absence of a final text exacerbated the regulatory uncertainty faced by issuers. Former President Donald Trump signed the bill on July 18, 2025, establishing the first comprehensive federal stablecoin framework for the United States. Agencies conducted multiple public consultations during this period, but failed to finalize final regulations by the weekend.

The Treasury has issued four proposals since signing

Among the ten proposed rulemaking notices issued since the GENIUS Act was signed, the Treasury has been the most active, submitting a total of four texts. The proposals cover overall implementation of the law, standards for equivalence between state regulatory regimes and federal frameworks, foreign issuer registration, and anti-money laundering standards. The Office of the Comptroller of the Currency added two notices, covering national licensed issuers and regulatory standards respectively. The Federal Deposit Insurance Corporation issued a notice to its regulators focusing on reserve management. The National Credit Union Administration proposes to include federally insured credit unions in the field. Finally, the federal banking regulator submitted an inter-agency rule to coordinate supervision among the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation.

Anchorage urges Congress to pass CLARITY bill

On the first anniversary of the bill, crypto bank Anchorage Digital has renewed pressure on Congress to promote the second legislative component, the CLARITY Act. The bill aims to establish the first federal regulatory framework for digital assets other than stablecoins. Due to the lack of a unified text in the Senate and the lack of time before lawmakers recess, companies have lowered the probability of the CLARITY bill passing in 2026 to 50%. On the first anniversary of the GENIUS Act, we reiterate our call on Congress to pass the CLARITY Act to extend clear market structure rules that have proven effective for stablecoins to the entire digital asset ecosystem. The CLARITY bill passed the Senate Banking Committee in May, but banking groups believe there are risks if stablecoins provide yields without being subject to the same constraints as traditional banks. Relevant organizations have written to senators asking for clearer clarity on the issue of earnings to ensure that payments in stablecoins remain used as a trading tool rather than a substitute for deposits.

In short, the United States failed to meet its own deadlines, but this did not weaken the effectiveness of the GENIUS Act, but only put issuers in regulatory trouble. The CLARITY bill's advancement timetable, compromise on revenue issues, and cross-agency coordination will together shape the landscape in the coming months. Washington's promise of regulatory clarity has not died, it has just been postponed.