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 Saturday’s rulemaking deadline under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, one year after the law was signed.
While several regulatory agencies published proposed rules and collected public feedback during the past year, no final regulations were issued before the deadline.
Those 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, according to rulemaking trackers by law firm Chapman and crypto investment company Paradigm.