Genius Act Anniversary: Rules Are Missing, But Winners Are Clear
US stablecoin regulations delayed, big players gain advantage.
1Genius Act and Delayed Rules
The Genius Act, enacted on July 18, 2025, aimed to cement US dominance in global finance and crypto technology. However, a year later, final rules remain undetermined. Regulators have missed their own deadlines while fast-tracking federal charters for select crypto banks, creating an uneven playing field.
2Winners in the Regulatory Gap
The OCC, Federal Reserve, and other agencies have delayed establishing a stablecoin regime. Meanwhile, firms like Ripple, Circle, and Coinbase secured federal charters, gaining a significant market advantage. Analysts argue this delay acts as a moat for chartered entities and a barrier for others.
3Stablecoin Market Dominance
In June 2026, stablecoin transaction volume hit a monthly record of $1.79 trillion. Circle's USDC leads with 70% market share, while Bitcoin remains sidelined as a 'wrapped asset' rather than a payment tool. Tokenized dollar systems are becoming the focus, marginalizing BTC's role in payments.
4Ripple's Strategic Moves
Ripple manages RLUSD reserves under both state and federal oversight. With XRP classified as a digital commodity and a pending Fed master account application, Ripple's 'license plus pipeline' strategy gives it a unique edge. This infrastructure advantage positions Ripple ahead of competitors in the evolving regulatory landscape.
5Status of the Clarity Act
The broader Clarity Act, a market-structure bill, faces Senate gridlock despite bipartisan support. Disputes over presidential crypto disclosures and stablecoin yield bans have stalled progress. Analysts estimate just a 35% chance of passage before midterms, leaving the crypto industry in continued uncertainty.
6Key Takeaways for Investors
The US stablecoin market has reached $303 billion, operating largely on an 'honor system' without full federal oversight. Early charter recipients like Circle and Ripple are consolidating market share ahead of 2027 implementation. Investors should watch charter approvals, Fed account decisions, and state certifications as key market signals.
Original article: DailyCoin — Genius Act Yıldönümü: Kurallar Eksik, Kazananlar Belli