US regulatory agencies on Saturday missed a deadline for rulemaking under the Guiding and Establishing National Innovation for US Stablecoins (GNIUS) Act, marking one year since the law was signed into law.
Several US regulatory agencies published proposed rules and collected public comments over the past year, but no final regulations were issued before the deadline.
Those agencies include the Treasury Department, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board, which issued proposed rules but no final rules, according to legislative trackers. Chapman and Crypto Investment Company Parable.
The lack of a statutory deadline does not invalidate the GENIUS Act, but incomplete rules may result in regulatory uncertainty for stablecoin issuers.
The GENIUS Act established the first comprehensive federal regulatory framework for stablecoins in the US. This act was signed by US President Donald Trump on July 18, 2025.
Related: ABA, state banking groups push back on CLARITY Act stablecoin yield provisions
Regulators issued 10 policy proposals during the first year of the GENIUS Act.
According to Paradigm, federal regulators have issued 10 notices of proposed rulemaking (NPRM) in the year since the GENIUS Act was signed into law.
The Treasury Department issued four proposals covering broader implementation of the Act, including standards for determining whether state stablecoin regulatory systems are similar to the federal framework, registration requirements for foreign stablecoin issuers and guidelines for compliance with anti-money laundering measures.
Governance Progress After GENIUS Act Signed into Law Source: Paradigm.
The OCC has issued two NPRMs covering nationally chartered payment stablecoin issuers, approval requirements and supervisory standards.
The FDIC issued an NPRM on FDIC-supervised institutions that issue payment stablecoins, focusing on supervisory expectations and operational standards such as reserve management.
The National Credit Union Administration (NCUA) proposed regulations that would enable federally insured credit unions to participate in stablecoin issuance.
Finally, the federal banking agencies jointly proposed an interagency enforcement rule to harmonize oversight across the OCC, the Federal Reserve, and the FDIC, with the goal of ensuring consistent oversight expectations across federal regulators.
Anchorage has urged lawmakers to pass the Clarity Act.
Federally chartered crypto bank Anchorage Digital has urged lawmakers to pass the Digital Asset Market Clarity Act (CLARITY).
“On the one-year anniversary of Genius, we are renewing our call for Congress to pass the Clarity Act and extend the clear market structure principles that work for stablecoins to the broader digital asset economy,” Anchorage Digital wrote on Friday. Report.
The Clarity Act seeks to establish the first federal regulatory framework for digital assets in the United States. It cleared the Senate Banking Committee in May, though banking industry groups argued it would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional banks.
On July 13, state banking associations, including the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA), sent a joint letter urging Senate leaders to provide more detail on the CLARITY Act’s stablecoin production provisions and arguing that the new amendments are needed to prevent payment stablecoins from acting as collection instruments rather than deposits.
On June 26, Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, citing the Senate’s lack of a consensus banking-agriculture text, no firm floor schedule and a narrow legislative window before lawmakers leave Washington.
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