The US stablecoin rulemaking process has ground to a standstill. Exactly one year after President Trump signed the GENIUS Act on July 18, 2025, the 12-month statutory deadline lapsed on July 18, 2026, without a single final rule issued by regulators.
So far, government agencies have only released 10 Notices of Proposed Rulemaking (NPRMs) for public comment, none of which are finalized. The Department of the Treasury issued four draft proposals, the Office of the Comptroller of the Currency (OCC) put forward two drafts, while the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) published one each. The remaining rules are joint interagency proposals. This comes despite the OCC issuing proposed legal interpretations as early as February 2026, followed by the FDIC submitting 144 detailed questions on stablecoin issuer oversight mechanisms, yet the final regulatory texts remain stalled at the negotiating table.
Missing this critical deadline does not invalidate the enacted legislation, but it leaves stablecoin issuers operating in legal limbo. Despite the lingering uncertainty, Ji Hun Kim, CEO of the Crypto Council for Innovation, still views these regulatory developments as a historic milestone guiding the stablecoin industry toward mainstream adoption.
Racing Toward the 2028 Deadline
This regulatory uncertainty directly collides with an unyielding implementation schedule. The ultimate enforcement deadline lands in July 2028. After that strict cut-off, any stablecoin failing to meet compliance standards will be strictly barred from being offered to users across US jurisdictions.
For industry giants like Tether, the threat takes the form of an operational ban. The world’s largest stablecoin issuer has exactly two years to overhaul its systems or face an exit from the US market. Currently, 25% of the reserves backing USDT still do not meet the strict criteria established by the law. Tether must find room for adjustments as quickly as possible before sanctions take effect.
Pushing for the CLARITY Act
While awaiting final technical rules under the GENIUS Act, industry stakeholders are urging Congress to turn its focus toward complementary legislation. Anchorage Digital is pushing lawmakers to swiftly pass the CLARITY Act as a follow-up framework.
Senator Cynthia Lummis voiced similar demands, highlighting the regulatory limits of supervisory agencies. “If something is truly decentralized, don’t regulate it like a bank,” she said.
However, the political path toward passage remains murky. Galaxy Digital recently lowered the odds of the bill passing to just 50%. To date, no joint draft text has been agreed upon by the Senate Banking and Senate Agriculture Committees, and a floor vote schedule remains unconfirmed. US regulators have wasted an entire year without delivering definitive rules, while the remaining compliance window for industry players continues to shrink.
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.
