U.S. Regulators Miss GENIUS Act Deadline for Final Stablecoin Rules

U.S. regulators failed to finalize the rules needed to implement the federal stablecoin framework within the one-year deadline set by the GENIUS Act. According to ChainCatcher, the law was signed by U.S. President Donald Trump on July 18, 2025, and required the OCC, Federal Reserve, FDIC, NCUA, the U.S. Treasury, and state stablecoin regulators to complete related rulemaking by July 18, 2026. As of the afternoon of July 18 local time, key proposals from the OCC, FDIC, NCUA, and the Treasury remained at the proposal stage, while some rules involving the Federal Reserve and anti-money-laundering oversight were still open for public comment. The report said the law does not provide for an automatic extension if the deadline is missed, nor does it suspend statutory requirements or delay the broader framework from taking effect. The OCC’s implementation proposal covers reserve assets, capital, liquidity, custody, risk controls, and reporting requirements. The FDIC proposal addresses reserves, redemptions, custody, and deposit insurance treatment for stablecoin reserves. The NCUA introduced licensing and operational risk proposals in February and May, but the comment period for the latter ended only one day before the deadline, making it impossible to complete formal adoption in time. The report said some key rules needed for the framework to function may therefore only be finalized after the deadline.