US agencies miss deadline for final stablecoin rules under GENIUS Act
Regulatory uncertainty grows as comprehensive stablecoin framework delayed
1Regulatory gap emerges
The one-year implementation period for the GENIUS Act, which establishes a comprehensive federal regulatory framework for stablecoins in the US, has expired. However, regulatory agencies including the Treasury failed to publish final rules. This delay is creating uncertainty in the industry.
2Agency efforts
The Treasury was the most active agency, publishing four proposals in the past year. Proposals included assessing state regulations' compliance with federal framework, registration requirements for foreign stablecoin issuers, and anti-money laundering rules. Other agencies also submitted their own proposals.
3Banking regulators' role
The OCC published two proposals for nationally chartered stablecoin issuers, while the FDIC set operational standards like reserve management for institutions under its supervision. The NCUA proposed rules allowing credit unions to issue stablecoins.
4Harmonized supervision effort
Federal banking agencies jointly proposed an implementation rule to ensure consistent supervision across the OCC, Federal Reserve and FDIC. This initiative aims to standardize different agencies' approaches to stablecoins.
5Calls for CLARITY Act
Industry players like Anchorage Digital used the GENIUS Act anniversary to call for passage of the CLARITY Act, which would establish comprehensive digital asset regulations. However, banking groups want provisions preventing stablecoins from becoming deposit substitutes.
6Industry outlook
As regulatory uncertainties persist, experts give the CLARITY Act only a 50% chance of passing in 2026. Clear rules are emphasized as crucial for the healthy growth of the stablecoin market.