GENIUS Act Stablecoin Rules Take Shape Amid Regulatory Uncertainty
The GENIUS Act stablecoin rules have been in place since July 2025, but their implementation has been slow to take shape. The act itself sets out a framework for regulation, but it is up to agencies like Treasury and the OCC to create concrete rules.
One key aspect of the GENIUS Act is its requirement that stablecoins be issued in the United States with a matching federal or state license. This has sparked debate over what constitutes 'issuance' and how foreign issuers will be treated.
Treasury's proposal, published in August 2026, outlines requirements for issuers to obtain licenses and sets an expected effective date of January 18, 2027. The OCC, meanwhile, is working on its own rulemaking, with a goal of publishing a final GENIUS Act rule by November 2026.
The rules will cover areas such as capital and liquidity requirements, operational risk, governance, and ongoing supervision. However, it's worth noting that licensing is not a one-time approval process - issuers must continue to report and comply with regulations.