US regulatory agencies missed Saturday’s rulemaking deadline under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, one year after the law was signed.
While several agencies published proposed rules and collected public feedback over the past year, no final regulations were issued before the deadline.
The agencies involved include the Department of the Treasury, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board, according to rulemaking trackers by law firm Chapman and crypto investment company Paradigm.
Missing the deadline does not invalidate the GENIUS Act, but the unfinished rules could create regulatory uncertainty for stablecoin issuers.
Treasury led with four proposals
Of the 10 notices of proposed rulemaking issued since the law was signed by President Donald Trump on July 18, 2025, the Treasury Department issued the most, with four.
These covered broader implementation of the act, including standards for state regulatory regimes, registration requirements for foreign issuers, and anti-money laundering compliance.
The OCC issued two proposals covering nationally chartered payment stablecoin issuers, while the FDIC issued one focused on supervisory expectations and reserve management.
The National Credit Union Administration proposed rules enabling federally insured credit unions to participate in stablecoin issuance.
Anchorage pushes for CLARITY Act
Federally chartered crypto bank Anchorage Digital used the anniversary to urge lawmakers to pass the Digital Asset Market Clarity Act (CLARITY).
Anchorage Digital wrote in a Friday report:
“On GENIUS’ one-year anniversary, we’re renewing our call for Congress to pass the CLARITY Act and extend the clear market-structure rules that worked for stablecoins to the broader digital asset economy.”
The CLARITY Act cleared the Senate Banking Committee in May, though banking groups have raised concerns about its stablecoin yield provisions.
On June 26, Galaxy Digital cut its odds of the bill becoming law in 2026 to 50%, citing the lack of a unified Senate text and a narrowing legislative window.
