A total of 10 proposed rules have been published, but not a single one has been finalized. On July 18, 2026, the one-year implementation deadline for the GENIUS Act passed without any final rules from US regulatory agencies. Signed into law by Donald Trump on July 18, 2025, the legislation originally served as the country’s first comprehensive federal regulatory framework for the stablecoin market.
Over the past year, 10 notices of proposed rulemaking (NPRMs) were submitted. The US Department of the Treasury issued four proposals, the Office of the Comptroller of the Currency (OCC) released two, while the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) issued one each. Additionally, there was one interagency rule jointly drafted by the OCC, the Fed, and the FDIC. While the failure to finalize these rules does not invalidate the legal status of the GENIUS Act, it has triggered regulatory uncertainty for US stablecoin issuers.
CLARITY Act Odds Drop to 50%
The situation has drawn reactions from industry players. Anchorage Digital called on Congress to swiftly pass the CLARITY Act to advance a broader digital asset market framework. However, the next legislative steps look uncertain. As of June 26, Galaxy Digital slashed the probability of the CLARITY Act passing in 2026 to 50%.
This decline in odds is driven by two major hurdles in Congress. First, there is no unified text agreement between the Senate Banking Committee and the Senate Agriculture Committee. Second, the schedule for markup hearings remains uncertain. Meanwhile, US banking associations such as the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) also sent a letter to the Senate on July 13, 2026, urging lawmakers to clarify the stablecoin yield provisions within the CLARITY Act.
What Is Happening in Europe?
While Washington remains bogged down by draft proposals and textual disputes, Europe is moving forward. The European Securities and Markets Authority (ESMA) recently added 14 crypto companies to its MiCA registry. This brings the total number of licensed Crypto-Asset Service Provider (CASP) entities in the region to 294. The list includes major players such as Ripple Payments Europe alongside two traditional banking institutions.
For digital asset issuers, the contrast between the two markets is stark. They are faced with two options: wait for 10 stalled proposals in the United States, or seek licensing under established law in Europe. Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
