U.S. regulators failed to finalize rulemaking within the one-year deadline set by the Guidance and Establishing New Innovation for U.S. Stablecoins Act (GENIUS Act); the GENIUS Act’s one-year deadline falls around July 19. According to a rulemaking tracker involving the U.S. Department of the Treasury, the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve Board issuing proposed rules and collecting public comments, none of them completed the final rules by the deadline.
Regulatory deadline tracker: 10 proposed rules published, but final rules not completed
(Source: Paradigm)
The GENIUS Act requires the relevant regulators to complete rulemaking within one year after the bill is signed. As of the deadline (around July 19, 2026), according to the Paradigm and Chapman law firm trackers, the relevant agencies issued proposed rules (NPRMs) and collected public comments during the past year, but none finished the final rules.
Missing the deadline does not cause the GENIUS Act itself to lapse, but unfinished rules may leave stablecoin issuers facing uncertainty about compliance obligations and regulatory expectations.
Breakdown of NPRMs released by agency: 4 by the Treasury, 2 by the OCC
According to the Paradigm tracker, since the GENIUS Act was signed, the 10 NPRMs issued by the relevant agencies break down by agency as follows:
Department of the Treasury (4): Covers standards for determining whether state stablecoin regulatory regimes are similar to the federal framework, registration requirements for foreign stablecoin issuers, and guidance for complying with anti-money-laundering measures
Office of the Comptroller of the Currency (OCC) (2): Covers approval requirements and regulatory standards for national-chartered payment stablecoin issuers
Federal Deposit Insurance Corporation (FDIC) (1): Focuses on regulatory expectations for entities regulated by the FDIC, such as reserve management and operating standards
National Credit Union Administration (NCUA) (1): Proposes allowing federally insured credit unions to participate in stablecoin issuance
Federal Banking Regulator Joint Group (1): Intended to coordinate regulation among the OCC, the Federal Reserve, and the FDIC to ensure consistent expectations across federal regulators
Anchorage Digital calls for action: Push the CLARITY Act amid GENIUS Act’s one-year anniversary
In a report dated July 18, 2026, federally chartered crypto bank Anchorage Digital wrote: “On the one-year anniversary of GENIUS going live, we again call on Congress to pass the CLARITY Act and expand clear market-structure rules applicable to stablecoins to the broader digital-asset economy.”
The CLARITY Act, formally titled the Digital Asset Market Transparency Act, which aims to establish the first federal digital asset regulatory framework in the U.S., was approved by the Senate Banking Committee in May 2026.
Legislative headwinds for the CLARITY Act: Opposition positions from banking industry groups
The CLARITY Act has faced two types of resistance during its push forward. On July 13, 2026, banking industry groups such as the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) sent a joint letter to Senate leadership. They argued that the stablecoin yield provisions in the bill would allow crypto companies to provide deposit-like services without having to comply with the same regulatory requirements as traditional banks, and they called for preventing payment stablecoins from serving as substitutes for deposits through amendments.
On June 26, 2026, Galaxy Digital reduced the probability that the CLARITY Act would become law in 2026 from its prior level to 50%, citing a lack of a unified text among the Senate Banking and Department of Agriculture committees, no clear agenda for scheduling, and a shrinking legislative window.
FAQ
What impact does missing the GENIUS Act deadline have on stablecoin issuers?
According to reports, missing the statutory deadline does not cause the GENIUS Act itself to lapse; however, if the final rules are not completed, stablecoin issuers may face uncertainty about compliance obligations, reserve requirements, and regulatory expectations. The final impact will depend on subsequent official announcements from each regulator.
As of July 19, 2026, what is the progress of rulemaking related to the GENIUS Act?
According to the Paradigm and Chapman law firm trackers, since the GENIUS Act was signed in July 2025, the Department of the Treasury, the OCC, the FDIC, the NCUA, and the joint entities have together released 10 NPRMs—all of which are proposed rules rather than final rules. As of the deadline (around July 19, 2026), no agency has completed the final rules.
How is Galaxy Digital assessing the legislative outlook for the CLARITY Act?
On June 26, 2026, Galaxy Digital reduced the probability that the CLARITY Act would become law in 2026 to 50%, citing that the relevant Senate committees lack a unified text, have no clear agenda for scheduling, and that the legislative window is shrinking; this figure is an estimate by market participants, not an official legislative forecast.
