Federal agencies have ten days to finalize stablecoin regulations under the GENIUS Act, with the July 18 deadline rapidly approaching and no binding rulebook yet published. Seven agencies including the OCC, FDIC, Federal Reserve, Treasury, FinCEN and OFAC must complete rulemaking one year after the law’s signing, but issuers remain in limbo working from draft proposals released between December 2025 and June 2026.
The OCC issued the most comprehensive framework in February covering licensing, examinations, reserves and redemptions for federally supervised issuers. Other agencies addressed bank affiliations, state certifications, AML controls and sanctions compliance. Notably, the Federal Reserve has not published standalone guidance for state member bank subsidiaries, creating regulatory gaps. The NCUA’s credit union proposal comment period closes July 17, just one day before the statutory deadline.
Draft rules signal a bank-style regime requiring higher capital buffers, stricter liquidity standards, one-to-one reserve backing, and enhanced compliance obligations. Agencies routinely miss deadlines without penalty, but timing uncertainty complicates issuer preparation.
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FXnCO Insight
** Stablecoin issuers should accelerate compliance preparations around capital reserves and AML controls now rather than waiting for final rules that may arrive late.
Source: Finance Magnates