U.S. regulators did not issue the final rules needed to implement the federal stablecoin framework within the one-year deadline set by the GENIUS Act, according to The Block.
Donald Trump signed the law on July 18, 2025. It required the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, the U.S. Treasury Department and state stablecoin regulators to complete the related rulemaking by July 18, 2026.
As of the afternoon of July 18 local time, major rule proposals released by the OCC, FDIC, NCUA and Treasury were still at the proposal stage. Some rules involving the Federal Reserve and anti-money laundering oversight were still in public comment. The report said the law does not provide for an automatic extension if the deadline is missed, and it does not suspend the relevant statutory requirements or delay the effective date of the broader framework.
Key rule packages remain unfinished
The OCC’s broader implementation proposal covers reserve assets, capital, liquidity, custody, risk controls and reporting requirements. The FDIC proposal addresses reserves, redemptions, custody and the deposit insurance treatment of stablecoin reserves.
The NCUA proposed separate licensing and operational risk-control measures in February and May. The comment period for the latter closed only one day before the deadline, leaving no practical path to finalize the rule before the statutory cutoff.
The report said that means some of the key rules required for the stablecoin framework to operate will not be finalized until after the deadline.