The US regulatory authorities failed to issue the implementation rules for stablecoins as stipulated in the GENIUS Act on schedule

The US regulatory authorities failed to issue the implementation rules for stablecoins as stipulated in the GENIUS Act within one year as scheduled. As of July 18th, major regulatory agencies such as the Ministry of Finance, OCC, FDIC, and NCUA have not completed the final rules, and multiple core systems are in the proposal or solicitation stage. The solicitation of opinions on customer identification rules for stablecoin issuers will continue until August 21st, and the FDIC's proposal on bank secrecy laws and sanctions compliance will be open for comments until August 4th. The rules for reserve assets, capital, liquidity, custody, redemption, risk management, and state-level regulatory recognition have not yet been finalized. The GENIUS Act will come into effect on July 18, 2025, requiring regulatory agencies to complete supporting rules within one year. This law establishes reserve, redemption, disclosure, licensing, and regulatory requirements for issuers of payment type stablecoins, prohibiting direct payment of interest or income to holders. Regulatory delays will not automatically delay the effective date of the law, and the GENIUS Act will come into effect no later than January 18, 2027.