US Regulators Miss Deadline for Final Stablecoin Rules

US government agencies have failed to meet an important deadline set by the GENIUS Act — a law passed one year ago to regulate stablecoins (cryptocurrencies designed to keep a steady value, usually tied to the US dollar).

Instead of finalizing the rules, regulators have only released proposals so far. These proposals are called NPRMs (Notices of Proposed Rulemaking — early drafts of rules that the public can comment on before they become official).

Here's what the different agencies have done:

• The OCC (Office of the Comptroller of the Currency, which oversees national banks) issued two proposals covering how companies can be approved to issue stablecoins.
• The FDIC (the agency that insures bank deposits) proposed rules on how banks that issue stablecoins should manage their reserves (the money backing each stablecoin).
• The NCUA (which oversees credit unions) proposed allowing credit unions to issue stablecoins too.
• Federal banking agencies jointly proposed a rule to keep supervision consistent across the OCC, Federal Reserve, and FDIC.

A second law is now in the spotlight. Anchorage Digital, a crypto-focused bank, used the GENIUS Act's one-year anniversary to push Congress to pass the CLARITY Act — a proposed law that would create the first federal rulebook for the wider crypto market, not just stablecoins.

However, the CLARITY Act faces resistance. Traditional banking groups worry it could let crypto firms pay interest (called yield) on stablecoins without following the same strict rules banks must obey. They fear stablecoins could start acting like bank savings accounts rather than simple payment tools.

Its future is uncertain:

• On June 26, Galaxy Digital cut the odds of the CLARITY Act becoming law in 2026 to just 50%.
• The reasons: no agreed-upon final text, no scheduled vote, and limited time before lawmakers leave Washington.

In short: regulators are moving slower than planned on stablecoin rules, and the broader crypto legislation remains stuck in debate.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/news/federal-agencies-miss-genius-act-deadline?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound