President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law on July 19, 2025, establishing the first federal framework for stablecoin regulation. A year later, agencies continue to develop detailed rules.

The law instructs the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and other agencies to define how stablecoin issuers must manage reserves, governance and operational matters, leaving specific requirements to be drafted.

In an emailed statement, Crypto Council for Innovation chief executive Ji Hun Kim described the legislation as a landmark moment and said that agencies, institutions and innovators are building on a clearer foundation as stablecoins move toward greater mainstream use. Proposed regulations would require stablecoin issuers to conduct know‑your‑customer checks comparable to those required of traditional financial firms. The FDIC released a list of 144 questions concerning custody, capital and liquidity standards, while the OCC issued a separate proposal in February outlining its interpretation of the statute. Implementation of the final rules is expected after several months of comment periods.

Senate leaders Cynthia Lummis and Bernie Moreno briefed Trump on the related Digital Asset Market Clarity Act on Thursday, though no public summary of the meeting was released. Lawmakers have raised concerns about an ethics provision that would bar senior officials from profiting from crypto ventures; a bipartisan consensus on this issue has not yet emerged. Senator Elizabeth Warren has asked Trump to provide a financial disclosure covering the first half of 2026, noting that his 2025 disclosure reported more than $1.4 billion in crypto‑related earnings and that the filing deadline for the 2026 report is May 15, 2027. A House Financial Services subcommittee held a hearing on Friday in which Chair Bryan Steil said Congress aims to replace enforcement‑driven regulation with clear rules for digital assets, emphasizing the historic role of U.S. financial innovation.

The legislative and regulatory process remains ongoing, and the timeline for final rules and the passage of the Clarity Act is still uncertain.