Key facts
- US federal regulators missed the July 18, 2026 deadline to finalize regulations under the GENIUS Act.
- The GENIUS Act, signed into law by President Donald Trump on July 18, 2025, required agencies to issue final rules within one year.
- Proposed regulations from the Treasury, OCC, FDIC, Federal Reserve, and NCUA are still in public review.
- The law's effective date remains January 18, 2027, requiring stablecoin issuers to comply with incomplete rules.
- BlackRock has raised concerns about proposed limits on tokenized reserve assets and the eligibility of Treasury ETFs as reserves.
U.S. federal regulators have missed a critical deadline to finalize rules for the GENIUS Act, leaving stablecoin issuers in limbo regarding compliance requirements. The law, signed by President Donald Trump on July 18, 2025, stipulated a one-year period for agencies to issue final regulations, a deadline that passed on July 18, 2026, without any final rules being published.
Agencies including the Treasury Department, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the National Credit Union Administration (NCUA) have only released proposed regulations. Several of these proposals are still undergoing public review, with some comment periods extended beyond the statutory timeframe, preventing agencies from legally solidifying the rules.
Despite the delay in finalizing regulations, the GENIUS Act is set to take effect on January 18, 2027. Stablecoin issuers will be required to comply with the law's operating requirements by this date, even though many details are still pending. The proposed rules address crucial aspects such as reserve assets, liquidity, custody, reporting, anti-money laundering measures, redemption processes, and foreign issuer registration. It is anticipated that final details may be adjusted following the review of industry feedback.
The delay has also sparked concerns regarding reserve rules for stablecoins. BlackRock has urged the OCC to remove a proposed limit of 20% on tokenized reserve assets and has sought assurance that exchange-traded funds issued by the Treasury will be eligible to serve as reserves. Furthermore, the regulatory status of state-regulated issuers with outstanding stablecoins under $10 billion remains unresolved, as the Treasury has not yet finalized the certification process that would allow them to continue under state oversight if their regulatory structure is substantially similar to federal law.