The GENIUS Act turns 1: State of Crypto

A year on, the rules aren’t quite ready for implementation, but we have a much clearer idea as to how the regulators are thinking about stablecoins and where they’re likely to land on those rules.

In an emailed statement, Crypto Council for Innovation CEO Ji Hun Kim called the passage of the bill “a landmark moment.”

“A year in, agencies, institutions, and innovators are building on a clearer foundation, and stablecoins are moving rapidly toward mainstream adoption,” he said.

The various regulators have proposed rules out for comment on the different aspects of stablecoin governance and regulation, including a proposal that would require stablecoin issuers to conduct similar know-your-customer checks to more traditional financial firms. The FDIC published 144 questions a few months ago about how it would oversee stablecoin issuers, looking at concerns like custody, capital and liquidity standards. The OCC, for its part, put out its own proposal in February laying out how it was interpreting the law.

There’s still a few months left before these rules start being finalized. And in the meantime, the industry is still working on getting the Digital Asset Market Clarity Act passed.

The text of the combined Clarity Act drafts is not yet public, at least as of Friday night. While industry sources expected the bill to be released last week, the timeline has constantly evolved. On Thursday, Senators Cynthia Lummis and Bernie Moreno were supposed to brief Trump on the bill. There was no public readout of that meeting available after, but both lawmakers tweeted about Trump’s remarks on the election later Thursday.