U.S. GENIUS Act marks one year in force as detailed rules remain in progress

The U.S. stablecoin law GENIUS has been in force for one year, but detailed rules that issuers must follow are still being developed, CoinDesk reported. The U.S. Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are proposing rules and gathering feedback on standards tied to reserves, capital and liquidity, custody, anti-money laundering and know-your-customer requirements. The related rules are expected to be finalized in stages over the coming months. Under the GENIUS Act, stablecoin issuers are also given a two-year grace period to meet regulatory requirements. As a result, stablecoins that do not comply with the rules will no longer be available to U.S. users starting in July 2028, according to the report.