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.

Rulemaking Progress

The OCC issued two NPRMs covering nationally chartered payment stablecoin issuers, approval requirements and supervisory standards. The FDIC issued one NPRM on FDIC-supervised institutions that issue payment stablecoins, focused on supervisory expectations and operational standards such as reserve management.

The National Credit Union Administration (NCUA) proposed rules enabling federally insured credit unions to participate in stablecoin issuance. Finally, federal banking agencies jointly proposed an interagency implementation rule to harmonize supervision across the OCC, Federal Reserve and FDIC, aiming to ensure consistent supervisory expectations across all federal regulators.

Industry Response

Federally chartered crypto bank Anchorage Digital has urged lawmakers to pass the Digital Asset Market Clarity Act (CLARITY). “On GENIUS’ one-year anniversary, we’re renewing our call for Congress to pass the CLARITY Act and extend the clear market-structure rules that worked for stablecoins to the broader digital asset economy,” Anchorage Digital wrote in a Friday report.

The CLARITY Act seeks to establish the first federal regulatory framework for digital assets in the US. It cleared the Senate Banking Committee in May, though banking industry groups argued that it would allow crypto firms to offer yields on stablecoins without facing the same requirements as traditional banks.

Opposition and Concerns

On July 13, state banking associations, including the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA), sent a joint letter urging Senate leaders to provide more detail on the CLARITY Act’s stablecoin yield provisions and argued that new amendments need to prevent payment stablecoins from acting as deposit substitutes rather than pure transaction tools.

Legislative Outlook

On June 26, Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, citing the lack of a unified Senate Banking-Agriculture text, no firm floor schedule and a narrowing legislative window before lawmakers leave Washington.