U.S. regulators miss one-year deadline to finalize GENIUS Act stablecoin rules

ChainCatcher reports, citing The Block, that U.S. regulators did not meet the GENIUS Act's one-year deadline to finalize the rules needed to roll out the federal stablecoin framework. The GENIUS Act, signed into law by Trump on July 18, 2025, directed the OCC, Federal Reserve, FDIC, NCUA, the U.S. Department of the Treasury, and state-level stablecoin regulators to complete related rulemaking by July 18, 2026. As of July 18 local time, the OCC, FDIC, NCUA and Treasury proposals remain at the proposal stage. Certain rules tied to the Federal Reserve and anti-money laundering requirements are still open for public comment. The Block notes the statute does not provide an automatic extension if agencies miss the deadline, and it does not suspend the law's requirements or push back the framework's effective date. The OCC's broad implementation proposal includes standards for reserve assets, capital, liquidity, custody, risk management and reporting. The FDIC's proposal focuses on reserves, redemptions, custody and how stablecoin reserves would be treated for deposit insurance purposes. The NCUA issued proposals on licensing in February and operational risk management in May, but public comments on the latter closed only one day before the deadline, leaving no realistic path to finalize the rule in time. The report adds that several core rules needed for the stablecoin regime to function are now expected to be finalized after the statutory deadline.