One year after President Donald Trump signed the GENIUS Act into law, U.S. regulators have missed the July 18th deadline to finalize implementing rules. Agencies including the OCC, Federal Reserve, FDIC, and Treasury Department continue drafting standards covering issuer reserves, capital requirements, liquidity, custody, and risk management. The stablecoin market has grown to roughly $310 billion amid this uncertainty, with enforcement planned by January 18th, 2027.
Meanwhile, public comment periods remain open on customer identification proposals and anti-money laundering consultations. Institutional players including BlackRock and JPMorgan have launched stablecoin reserve funds, while Visa introduced a platform for 15,000 institutions and the first bank-issued on-chain dollar entered the market.
Federal agencies have not completed the GENIUS Act’s implementation one year after President Donald Trump signed it. Regulators missed the July 18th deadline to finalize rulemakings.
The OCC, Federal Reserve, FDIC, and Treasury Department continue drafting regulations covering issuer reserves, capital requirements, liquidity, custody, risk management, and state-level regulatory designations. Customer identification proposals remain open until August 21st, while the FDIC will close its anti-money laundering consultation on August 4th.
Agencies still plan to enforce the GENIUS Act by January 18th, 2027. Until final rules are complete, stablecoin issuers and financial institutions must prepare for a framework that lacks several implementation details.
The stablecoin sector has expanded to roughly over $310 billion despite unresolved liquidity and custody protocols. Issuers like Circle and Paxos operate under statutory baselines and interim frameworks as the market awaits a fully defined federal regulatory structure.
Senator Cynthia Lummis called the GENIUS Act “an important first step” and urged lawmakers to support the CLARITY Act to solidify U.S. leadership in digital asset development. Institutions including BlackRock and JPMorgan have launched or filed stablecoin reserve funds, while Visa introduced a platform serving 15,000 institutions and the first bank-issued on-chain dollar entered the market. Completing the remaining rules will determine how quickly regulated stablecoins achieve broad institutional adoption.
