Regulators Face Imminent Deadline to Finalize GENIUS Act Rules for Stablecoin Issuers

The GENIUS Act, enacted on July 18, 2025, mandates that regulators complete rulemaking for stablecoin issuers by July 18, 2026. While the Office of the Comptroller of the Currency (OCC) and the Treasury have published initial and follow-up proposals, the full set of rules remains unfinalized. This delay creates significant uncertainty and potential exclusion from the U.S. market for foreign payment-stablecoin issuers and state-qualified issuers if the deadline is not met.