U.S. Regulators Miss GENIUS Act Stablecoin Rule Deadline on July 18

According to The Block, U.S. regulators including the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Treasury Department, and Federal Reserve missed the GENIUS Act's one-year rulemaking deadline today without issuing final stablecoin regulations.

As of Saturday, all principal rule packages implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act remained proposals. Several rules, including those addressing customer identification and Bank Secrecy Act compliance, have comment periods extending through August, making completion by the statutory deadline impossible through normal notice-and-comment procedures. The regulations will address reserve requirements, capital standards, custody, risk management, and disclosure obligations for payment stablecoin issuers.