Overview
- Regulators missed the GENIUS Act's first rulemaking deadline on July 18, leaving several major implementing proposals open for public comment and unresolved.
- The market has expanded rapidly since the law, with Federal Reserve researchers estimating roughly $310–$317 billion in stablecoin capitalization and on-chain transaction volumes up sharply.
- Agencies have issued about ten related proposals covering reserves, redemptions, custody, capital and AML rules but multiple comment periods remain open and key texts are not final.
- Operational work still falls to banks making independent compliance decisions that add months to integration timelines and give firms with OCC charters, banking ties, or early product launches a distribution advantage.
- Federal Reserve leaders have urged quicker action and the industry is watching January 18, 2027 as the next clear activation date for the law if regulators do not finalize rules sooner.