[Variant Chief Legal Officer: Currently, there is no stablecoin that complies with the 'GENIUS' rules, as the rules themselves have not been finalized] Odaily Planet Daily News: Variant Chief Legal Officer Jake Chervinsky posted on X stating that there is currently no so-called 'GENIUS-compliant' stablecoin. Much of the debate has focused on whether existing stablecoins comply with GENIUS, but in reality, the legislation itself does not provide specific rules for issuers to achieve compliance—it merely sets out an overarching framework, with the details needing to be filled in by regulatory agencies through rulemaking. Rulemaking is a massive undertaking, and until these rules are completed, it is impossible to determine whether a particular stablecoin is compliant. The process of rulemaking is no trivial matter, nor is it something that can be delayed—GENIUS will actually require 120 days after the rules are finalized to become effective law. The expected finalization date is July 18, 2026, which means the anticipated effective date for GENIUS is November 15, 2026. Until then, stablecoins will continue to operate under the regulatory approaches of the past one, five, or ten years.