The GENIUS Act, the first major U.S. legislation focused specifically on stablecoin oversight, has reached its one-year milestone.
President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law a year ago, setting the stage for the creation of a federal regulatory framework for stablecoins. However, regulators have yet to complete the detailed rules that will determine how stablecoin issuers operate under the new system.
One Year Later: Stablecoin Rules Still Taking Shape
The GENIUS Act provided regulators with a broad roadmap for overseeing stablecoins, covering areas such as reserve requirements, governance structures and operational standards.
While the legislation established the foundation, agencies including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) were tasked with defining the specific requirements companies must follow.
Although the law applies only to a specific segment of the crypto market, it represents the first comprehensive federal effort in the U.S. to regulate a cryptocurrency-related sector. A year after its passage, regulators have not finalized the framework, but their proposals have offered a clearer view of how stablecoin supervision may develop.
Crypto Council for Innovation CEO Ji Hun Kim described the legislation as a major turning point, saying it has created a stronger foundation for regulators, financial institutions and technology firms as stablecoins continue moving toward mainstream use.
Regulators have already introduced several proposals for public review covering different aspects of stablecoin oversight. Some draft rules would require stablecoin issuers to implement customer identification procedures similar to those followed by traditional financial companies.
The FDIC has sought feedback on a wide range of issues, including custody arrangements, capital requirements and liquidity safeguards. The OCC has also published guidance outlining its interpretation of the GENIUS Act and how it expects financial institutions to handle stablecoin activities.
While final regulations remain under development, the crypto industry is also focused on the progress of the Digital Asset Market Clarity Act, another key bill aimed at establishing clearer rules for digital assets.
Digital Asset Market Clarity Act Still Faces Obstacles
The latest version of the Clarity Act has not yet been publicly released, despite expectations that lawmakers would introduce the text sooner. Negotiations have continued to evolve, delaying the bill’s next steps.
A scheduled meeting between Senators Cynthia Lummis and Bernie Moreno and President Trump did not produce any public details, leaving several areas of disagreement unresolved.
Among the most significant challenges is the lack of agreement over ethics provisions that would prevent government officials from personally benefiting from cryptocurrency ventures.
Sources familiar with the discussions said lawmakers had not reached bipartisan agreement on the issue.
Senator Elizabeth Warren has also raised concerns about financial transparency, requesting updated disclosures from President Trump covering the first half of 2026. She argued that previous filings, which reported more than $1.4 billion in income from crypto-related activities, may not reflect recent changes.
Warren said additional disclosures would help Congress better assess potential conflicts of interest and address concerns surrounding government ethics.
Despite the ongoing debate, supporters of the Clarity Act argue that the legislation is necessary to provide regulatory certainty and encourage growth in the digital asset sector.
During a recent House Financial Services Committee hearing, Representative Bryan Steil emphasized that Congress must replace enforcement-based regulation with clear guidelines for the crypto industry.
Steil said the goal is to create a predictable regulatory environment that supports innovation while maintaining America’s leadership in financial technology.
With stablecoin rules still being finalized and broader crypto legislation facing political hurdles, the coming months will be critical in determining the future direction of digital asset regulation in the United States.
