Federal regulators missed a statutory deadline in July 2026 to publish initial implementing rules under the GENIUS Act, the US stablecoin law signed in 2025. The delay leaves issuers and banks waiting for the operational detail needed to apply for payment-stablecoin licences.
The GENIUS Act requires stablecoin issuers to hold high-quality liquid reserves, publish monthly attestations, and submit to federal or qualifying state supervision. Without the implementing rules, none of that machinery can start.
Why the slippage matters
For USDC issuer Circle, Paxos and a growing number of bank-affiliated issuers, the delay pushes back a competitive window they had prepared for. It also gives non-US issuers time to consolidate market share while the US framework beds in.