US regulators miss deadline for final stablecoin rules

U.S. regulators have missed a key deadline to finalize rules for the nation's new stablecoin framework, leaving the financial industry to prepare for the law's implementation with only proposed regulations in hand. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, signed into law by President Donald Trump on July 18, 2025, required primary federal regulators to complete implementing regulations by July 18, 2026. That deadline passed on Saturday without any of the principal rule packages being finalized.

The law establishes the first major federal framework for payment stablecoins, setting requirements for reserves, redemption, disclosure, and licensing. Section 13 of the statute directed the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Treasury Department to promulgate rules within one year. The missed deadline does not, by itself, delay the law's effective date. Under the statute, the framework will take effect on the earlier of Jan. 18, 2027, or 120 days after regulators issue final rules.