The GENIUS Act missed its statutory deadline and regulators are writing the rules anyway

Congress gave agencies one year to write stablecoin rules. They missed it by four months and counting. The OCC expects a final rule by November, Tether still lacks a reciprocity determination, and the effective date keeps sliding. Summary The GENIUS Act became law on July 18, 2025, with a one year deadline for implementing regulations that all federal agencies missed on July 18, 2026. The OCC expects to finalize its stablecoin rule by November 2026, which would push the effective date to approximately March 2027 under the 120 day implementation window. Tether requires a Treasury reciprocity determination to continue serving United States businesses under the foreign issuer pathway, and as of August 2026, that determination has not been issued. The proposed rules require every stablecoin issuer serving United States users to be licensed, maintain 100 percent reserves in Treasury bills or insured deposits, report weekly to regulators, and publish monthly disclosures. Three parallel rulemaking tracks are active: the OCC for prudential standards, FinCEN and OFAC for anti money laundering and sanctions compliance, and the FDIC and NCUA for institutions under their supervision. Congress ...