US financial regulators did not meet the July 18, 2026 deadline to finalize stablecoin regulations mandated by the GENIUS Act, a law enacted one year earlier to create the first federal framework for payment stablecoins in the country.

The GENIUS Act, signed on July 18, 2025, sets standards for reserves, redemption, disclosures, licensing, and oversight of stablecoin issuers. However, although ten proposed rules were issued by agencies such as the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, National Credit Union Administration (NCUA), and the Treasury Department, none have been finalized as of the deadline.

Pending Regulations and Ongoing Review

Among the proposals, the Treasury Department released four notices covering rule implementation, foreign issuer registration, and anti-money laundering compliance. The OCC suggested rules focused on nationally chartered payment stablecoin issuers, while the FDIC proposed prudential standards related to reserves, capital, and redemption. The NCUA submitted licensing and operational regulations for federally insured credit unions. also five agencies collaborated on a customer identification rule, with public comments open until August 21, and the FDIC’s AML proposal remains open until August 4.

The ongoing public comment period and extensive industry feedback have delayed finalization. BlackRock, for example, urged the OCC to remove a potential 20% cap on tokenized reserve assets and allow certain Treasury ETFs to qualify as reserves. Meanwhile, state-level regulatory roles remain unclear. A bipartisan Senate group has called on the Treasury Department to clarify state oversight, and New York’s Department of Financial Services has proposed a framework aligned with the GENIUS Act but may need adjustments once federal rules are finalized.

Despite missing the deadline, the GENIUS Act will take effect on January 18, 2027, obligating issuers to comply with federal regulations that could still evolve. Anchorage Digital used the anniversary to advocate for Congress to pass the CLARITY Act, another legislative effort related to stablecoins.

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