US Authorities Miss One-Year Deadline to Finalize GENIUS Act Regulations

US regulatory authorities failed to finalize implementation regulations for the GENIUS Act stablecoin law within the mandated one-year deadline, The Block reported on the 18th (local time). The agencies were required to publish final rules after President Donald Trump signed the GENIUS Act into law on July 18 last year, but regulations from the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Treasury Department remain in proposal stage, while Federal Reserve and anti-money laundering regulations are incomplete. The delays stem from agencies needing to gather industry feedback and unresolved questions over state government oversight authority, though the missed deadline does not postpone the law's enforcement date of no later than January 18.

Multiple Agencies Leave GENIUS Act Regulations in Proposal Stage

Regulations published by the OCC, FDIC, NCUA, and Treasury Department all remain in proposal stage, according to The Block. Federal Reserve regulations and federal anti-money laundering-related rules are also incomplete. The GENIUS Act required the OCC, Federal Reserve, and FDIC to prepare and publish implementation regulations within one year of the law's enactment.

US flag. Source: Istrfry Marcus/Unsplash

Trump Signed GENIUS Act on July 18 Last Year with One-Year Implementation Deadline

President Donald Trump signed the GENIUS Act into law on July 18 last year. The law established a one-year deadline for the OCC, Federal Reserve, and FDIC to prepare and publish implementation regulations for the new stablecoin regulatory framework.

GENIUS Act Enforcement Date Remains January 18 Despite Regulatory Delays

The agencies must gather industry feedback before finalizing regulations, and issues regarding state government oversight authority remain unresolved, The Block noted. The missed deadline does not delay the enforcement date — the GENIUS Act will take effect no later than January 18.

FAQ

What did US regulatory authorities fail to do regarding the GENIUS Act?

US regulatory authorities failed to finalize implementation regulations for the GENIUS Act stablecoin law within the mandated one-year deadline. Regulations from the OCC, FDIC, NCUA, and Treasury Department remain in proposal stage, while Federal Reserve and anti-money laundering regulations are incomplete.

When will the GENIUS Act take effect?

The GENIUS Act will take effect no later than January 18, despite the missed regulatory deadline. The delayed finalization of implementation regulations does not postpone the law's enforcement date.