Tracking Stablecoin Regulation Implementation
A comprehensive overview of all rulemaking requirements from the Guiding and Establishing National Innovation for U.S. Stablecoins Act (Public Law 119-27).
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was enacted on July 18, 2025 as Public Law 119-27. It establishes the first comprehensive federal regulatory framework for payment stablecoins in the United States.
The Act creates a dual regulatory pathway allowing stablecoin issuers to operate under either federal oversight (OCC for national banks, Federal Reserve for state member banks) or state regulation with Treasury certification. It mandates 1:1 reserve backing with high-quality liquid assets, prohibits algorithmic stablecoins, and sets capital, liquidity, and anti-money laundering requirements.
Federal agencies have one year from enactment (until July 18, 2026) to complete most required rulemakings, with full implementation taking effect 18 months after enactment (January 18, 2027). Implementation timelines are largely suggestive - while agencies try to stick to these deadlines, they face no formal penalties if they are not met.
Federal agencies follow the Administrative Procedure Act (APA) when creating new regulations. This process ensures public participation and transparency, but can take months or even years to complete.
1. Advanced Notice of Proposed Rulemaking (ANPRM) - Optional. Some agencies issue an ANPRM to gather early input before drafting a formal rule. This step is not required and many rulemakings skip it entirely.
2. Proposed Rule (NPRM) = Comment Period - This is your opportunity to comment. When an agency publishes a Notice of Proposed Rulemaking in the Federal Register, it opens a public comment period (typically 30-60 days). Anyone can submit comments, and agencies must consider all substantive feedback before finalizing the rule.
3. Final Rule - After the comment period closes and the agency reviews feedback, it publishes a final rule. This can take anywhere from a few months to over a year. The final rule includes the agency's response to significant comments and an effective date. Final rules can include an interim final rule, which typically takes effect within 60 days. Under the APA, only after a final rule is published can litigation occur to challenge the rule.
While the GENIUS Act sets deadlines for most rulemakings, agencies frequently miss statutory deadlines with limited practical consequences. Track this page for updates on each rulemaking's progress.