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GENIUS Act marks a year, with stablecoin rules still in progress
Federal agencies have proposed oversight frameworks, including potential expanded KYC expectations and FDIC questions covering custody, capital, and liquidity.
CoinDesk reports that President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act, into law a year ago, establishing the first major federal legislative framework aimed at regulating stablecoins. The law directs regulators to define how stablecoin issuers should manage reserves, governance, and operational requirements, while leaving key details to agencies such as the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation.
A year on, CoinDesk says regulators are still working through the rulemaking process, with proposed guidance rolling out but not yet finalized. Among the proposals, regulators have discussed requiring stablecoin issuers to perform know-your-customer checks similar to those used by more traditional financial firms.
CoinDesk also highlights that the FDIC published 144 questions in a prior review on how it would oversee stablecoin issuers, touching on issues including custody, capital standards, and liquidity standards. The OCC, for its part, issued a proposal in February describing how it is interpreting the GENIUS Act.
Finally, CoinDesk notes that the timeline for finalized rules still has “a few months” remaining, while the industry continues to work toward passage of broader stablecoin legislation, the Digital Asset Market Clarity Act, whose combined draft text has not been publicly released yet.