US financial regulators missed the GENIUS Act's July 18, 2026 deadline to finalize major stablecoin regulations, delaying the implementation of the federal framework. This shortens the time stablecoin issuers have to prepare for the rules that will take effect in January 2027.

Unfinished Regulatory Proposals

The Office of the Comptroller of the Currency (OCC) began its rulemaking earlier this year, proposing standards in February covering reserve assets, redemptions, capital, liquidity, custody, and risk management for stablecoin issuers it supervises. However, no final rules were completed by the deadline.

The Federal Deposit Insurance Corporation (FDIC) issued its own framework in April targeting stablecoin issuers linked to FDIC-supervised banks, including reserve and capital requirements, redemption protocols, custody, and risk controls. These rules remain in draft form.

Meanwhile, the National Credit Union Administration (NCUA) has also been drafting rules but kept its latest proposal in consultation near the statutory deadline.

Ongoing Customer Identification and AML Rulemaking

Federal regulators have not finalized customer identification requirements for stablecoin issuers. A joint proposal designates authorized issuers as financial institutions under the Bank Secrecy Act, requiring customer verification and record-keeping. Public comments continue past the deadline, postponing the review process.

Anti-money laundering (AML) and sanctions compliance rules are also incomplete. The Treasury Department released a separate AML proposal in April, and the FDIC introduced additional compliance rules for issuers under its supervision.

The GENIUS Act allows some smaller stablecoin issuers to operate under state supervision if local regulations align substantially with federal standards. However, the specifics of state oversight remain unresolved.

Major banking groups previously urged regulators to coordinate these proposals due to their interdependence, cautioning against advancing rules separately.

This material is for informational purposes only and does not constitute financial advice.