GENIUS Act One Year Later: U.S. Stablecoin Rules Still Taking Shape as CLARITY Act Advances

A year after President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law, U.S. regulators are still developing the detailed framework that will govern stablecoin issuers. While the landmark legislation established the country's first federal regulatory foundation for stablecoins, agencies are continuing to refine the rules before full implementation.

The GENIUS Act created broad requirements covering stablecoin reserves, governance, risk management, and operational standards, while leaving federal regulators—including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)—to draft the specific compliance requirements.

Over the past year, regulators have released multiple proposals for public comment. These include requirements for stablecoin issuers to adopt know-your-customer (KYC) procedures similar to those used by traditional financial institutions. The FDIC has also sought industry feedback on custody, liquidity, capital requirements, and supervisory oversight, while the OCC has outlined its interpretation of key provisions under the law.

Crypto industry leaders view the legislation as a major milestone. Crypto Council for Innovation CEO Ji Hun Kim said the GENIUS Act has provided greater regulatory clarity, allowing financial institutions and blockchain companies to accelerate stablecoin adoption and innovation.

Attention is also shifting to the proposed Digital Asset Market CLARITY Act, which aims to establish a broader regulatory framework for the cryptocurrency industry. Although the latest combined draft has yet to be released publicly, lawmakers continue negotiations over unresolved issues.

One of the biggest sticking points remains ethics provisions that would restrict senior government officials from profiting from personal cryptocurrency ventures. Senator Elizabeth Warren has urged President Trump to voluntarily release an updated financial disclosure covering the first half of 2026, arguing that Congress needs current financial information while debating the legislation.

Meanwhile, House Financial Services digital assets subcommittee Chairman Rep. Bryan Steil reaffirmed that Congress intends to replace "regulation by enforcement" with clear digital asset rules, arguing that comprehensive crypto legislation is essential for maintaining U.S. leadership in financial innovation. Lawmakers are expected to continue negotiations before the CLARITY Act moves closer to a final vote.