GENIUS Act Deadline Missed as U.S. Stablecoin Rules Remain Unfinished

Federal regulators have missed a major deadline under the GENIUS Act, leaving stablecoin issuers without finalized compliance rules even as the law’s implementation date moves closer. Although the required regulations remain incomplete, the legislation is still scheduled to take effect on January 18, 2027.

President Donald Trump signed the GENIUS Act into law on July 18, 2025, directing federal agencies to finalize implementing regulations within one year. That deadline expired on July 18, 2026, but the Treasury Department, Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and National Credit Union Administration (NCUA) have only released proposed rules.

Several proposals remain under public review, with some comment periods extending beyond the statutory timeline. As a result, regulators cannot finalize certain provisions until the consultation process is complete. Despite the delay, the law remains on track, requiring stablecoin issuers to comply with its provisions by January 2027.

The proposed regulations cover critical areas, including reserve asset requirements, liquidity standards, custody, financial reporting, anti-money laundering compliance, redemption procedures, and registration requirements for foreign stablecoin issuers. However, the final framework could still change after agencies evaluate industry feedback.

The delayed rulemaking has also fueled concerns about reserve asset requirements. BlackRock has urged the OCC to remove a proposed 20% cap on tokenized reserve assets and requested confirmation that Treasury exchange-traded funds will qualify as eligible reserve assets.

Another unresolved issue involves state-regulated stablecoin issuers. Under the GENIUS Act, issuers with less than $10 billion in outstanding stablecoins may remain under state supervision if their regulatory framework is deemed substantially similar to federal standards. However, the Treasury Department has yet to establish the certification process for determining eligibility.

With the compliance deadline approaching, many companies may begin preparing based on proposed regulations rather than finalized rules. If the final requirements differ significantly, stablecoin issuers could face higher compliance costs and operational adjustments. Meanwhile, Congress is expected to increase oversight as federal agencies work to complete the remaining regulations before the GENIUS Act officially takes effect.