TLDR Tech / Crypto
US regulators miss GENIUS Act's one-year deadline for stablecoin rules
The OCC, FDIC, NCUA, and Treasury reached the GENIUS Act's July 18 rulemaking deadline without issuing final implementing regulations, leaving several major proposals unfinished. Comments on a joint customer identification rule stay open until August 21, and an FDIC anti-money laundering proposal runs through August 4. The delay doesn't push back the law's January 18 effective date, compressing the window for issuers to prepare. Unresolved issues include BlackRock's push to drop a proposed 20% cap on tokenized reserve assets and senators' concerns over preserving state regulatory authority.
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