US agencies miss GENIUS Act deadline for final stablecoin rules

US regulators failed to finalize implementing regulations by the GENIUS Act’s one-year deadline, issuing 10 proposed rules instead.

US regulatory agencies missed the rulemaking deadline under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act on Saturday, which marked one year since the law was signed. 

Several US regulatory agencies published proposed rules and collected public feedback during the past year, but no final regulations were issued before the deadline.

These agencies 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, which issued proposed rules but no final rules, according to rulemaking trackers by law firm Chapman and crypto investment company Paradigm.

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