US Regulators Miss GENIUS Act Deadline as Stablecoin Framework Stalls

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration all failed to complete their respective rulebooks by the statutory cutoff. These agencies had introduced proposals earlier this year covering reserve assets, capital requirements, and custody standards, yet the regulatory framework remains fragmented. Banking groups previously urged these bodies to harmonize their approaches, arguing that disconnected rules would create operational friction for issuers.

Critical gaps persist in customer identification and anti-money laundering protocols. A joint proposal classifying issuers as financial institutions under the Bank Secrecy Act is still undergoing a public comment period that extends beyond the missed deadline. Furthermore, the Treasury Department has yet to finalize the certification process for state-level stablecoin oversight, leaving smaller issuers in limbo. With the federal framework set to take effect by January 18, 2027, companies now face a shrinking window to adjust their reserve management and compliance systems before the final rules become binding.