OCC, FDIC, and NCUA advance parallel stablecoin proposals under GENIUS Act

The Office of the Comptroller of the Currency is targeting November for a final rule implementing the GENIUS Act, the landmark legislation that established a federal framework for payment stablecoins. The timeline represents a meaningful development for the stablecoin industry, which has been waiting on binding federal guidance since the act was signed into law on July 18, 2025. The push toward finalization comes after the OCC missed the statutory deadline baked into the legislation itself. The GENIUS Act required federal regulators to finalize implementing rules by July 18, 2026, exactly one year after enactment. That date passed without a confirmed final rule from the OCC. Where the rulemaking process stands The OCC issued its notice of proposed rulemaking on February 25, 2026, with publication in the Federal Register following on March 2, 2026. The agency opened a public comment window that closed on May 1, 2026, giving stakeholders roughly two months to weigh in on a document spanning hundreds of pages and posing more than 200 specific questions about stablecoin operations, compliance conduct, and capital standards. The proposed rule covers reserve backing requirements, risk ma...