- US agencies did not finalize the required stablecoin rules by the one-year deadline.
- Regulators issued 10 proposed rules, but no final regulations were completed.
- The anniversary renewed debate over the CLARITY Act and stablecoin yield provisions.
US regulators missed the one-year deadline to complete final implementing rules under the GENIUS Act, despite publishing proposals and collecting public feedback during the previous year. The law, signed by President Donald Trump on July 18, 2025, established the first federal framework for payment stablecoins in the United States. Rulemaking trackers cited by Cointelegraph showed that agencies including the Treasury Department, the OCC, the FDIC and the Federal Reserve had not issued final regulations before the statutory cutoff. The law remains in force, but unfinished rules may leave stablecoin issuers waiting for clearer federal requirements.
GENIUS Act deadline passes without final regulations
July 18 marked the statutory deadline for federal agencies to complete regulations required by the Guiding and Establishing National Innovation for US Stablecoins Act. Trackers from Chapman and Paradigm indicated that several regulators had not finished the process, even though they had released multiple proposals and invited public comments during the first year after the law was enacted.
The agencies identified in the source included the Department of the Treasury, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve Board. Missing the deadline does not cancel the GENIUS Act or remove its legal authority, but the absence of final regulations may complicate compliance planning for issuers, banks and other firms preparing to operate under the new framework.
GENIUS Act proposals remain under review
Federal regulators issued 10 notices of proposed rulemaking during the first year of implementation. Treasury released four proposals, the largest number among the agencies mentioned in the source. Its work addressed broad implementation questions, including how regulators should decide whether state stablecoin regimes are comparable with the federal framework, how foreign issuers should register and how anti-money laundering obligations should be applied.
The OCC issued two proposals for nationally chartered payment stablecoin issuers. Those measures covered approval procedures, supervisory expectations and standards for institutions seeking federal authorization. The FDIC issued another proposal for institutions under its supervision, focusing on operational requirements, reserve management and the conditions banks would need to meet before issuing payment stablecoins.
The National Credit Union Administration also proposed rules that would allow federally insured credit unions to participate in stablecoin issuance under defined conditions. Separately, the OCC, Federal Reserve and FDIC jointly proposed an interagency implementation rule intended to align oversight and create more consistent supervisory expectations across the federal banking system. However, none of the 10 proposals had become final by the deadline.
GENIUS Act anniversary renews the CLARITY debate
Anchorage Digital used the first anniversary of the GENIUS Act to call for progress on the Digital Asset Market Clarity Act. In a report published Friday, the federally chartered crypto bank argued that Congress should extend the regulatory approach developed for stablecoins to the wider digital asset market, where questions about oversight and agency jurisdiction remain unresolved.
According to the source, the CLARITY Act is intended to create a federal market structure framework for digital assets in the United States. The measure cleared the Senate Banking Committee in May, but it continued to face objections from banking groups concerned that crypto companies could offer stablecoin rewards or yield without being subject to the same requirements that apply to traditional deposit-taking institutions.
Banking groups challenge stablecoin yield provisions
On July 13, state banking associations sent a joint letter to Senate leaders regarding the CLARITY Act. The groups included the American Bankers Association and the Independent Community Bankers of America. They requested clearer language on stablecoin yield provisions and argued that amendments were necessary to prevent payment stablecoins from functioning as deposit substitutes instead of remaining primarily transaction and settlement tools.
Galaxy Digital lowered its estimated probability of the CLARITY Act becoming law in 2026 to 50% on June 26. The source said the firm pointed to the absence of a unified Senate Banking and Agriculture Committee text, the lack of a confirmed floor schedule and a narrowing legislative window before lawmakers leave Washington. Those obstacles suggest the broader crypto market structure debate may continue even as agencies work to finish the GENIUS Act rules.
Conclusion
The GENIUS Act remains the main federal stablecoin law in the United States, but its implementation is still incomplete because agencies missed the deadline for final regulations. Regulators issued 10 proposals covering Treasury, the OCC, the FDIC, the NCUA and joint banking supervision, yet none had been finalized by the statutory cutoff. The unfinished process leaves issuers with a federal framework but without every practical compliance detail needed to apply it. The anniversary also became a broader policy moment, with Anchorage Digital urging Congress to advance the CLARITY Act while banking groups continued to oppose parts of its stablecoin yield provisions. For now, the GENIUS Act is active, but several important rules remain pending.
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