The GENIUS Act, a landmark U.S. law designed to regulate stablecoins, marked its first anniversary this year, highlighting both the progress and challenges in building a federal crypto framework.

President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law one year ago, beginning the process of creating the nation’s first federal rules for stablecoin issuers. However, regulators are still working through the details of how the legislation will be implemented and what requirements companies will ultimately need to follow.

Stablecoin Regulation Enters the Implementation Phase

The GENIUS Act established a broad regulatory structure for stablecoins, addressing key areas such as reserve management, issuer governance and operational standards.

While Congress set the overall direction, agencies including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) were given responsibility for developing the detailed regulations.

Although the law covers only a portion of the wider cryptocurrency ecosystem, it represents the first major federal crypto legislation passed in the United States. One year later, final rules have not yet been introduced, but regulators have provided greater clarity on their approach to stablecoin supervision.

Ji Hun Kim, CEO of the Crypto Council for Innovation, called the legislation a significant milestone, saying it has created a more defined foundation for regulators, financial institutions and innovators as stablecoins move closer to broader adoption.

Several regulators have released proposals seeking public input on how stablecoin companies should be supervised. Among the potential requirements are customer verification measures similar to know-your-customer standards used by traditional financial institutions.

The FDIC has explored questions around stablecoin oversight, including custody practices, capital requirements and liquidity protections. The OCC has also released its interpretation of the law, outlining how it expects banks and other regulated entities to approach stablecoin activities.

While agencies continue refining the rules, the crypto industry is also watching developments around the Digital Asset Market Clarity Act, a separate effort aimed at creating a wider regulatory framework for digital assets.

Clarity Act Negotiations Continue

The latest version of the Clarity Act has not yet been made public, despite earlier expectations that lawmakers would release the text. Discussions remain ongoing as legislators attempt to resolve several outstanding issues.

One of the biggest points of disagreement involves ethics provisions that would restrict senior government officials from profiting from personal crypto-related ventures.

People familiar with the negotiations said lawmakers have not yet reached bipartisan agreement on the issue.

Senator Elizabeth Warren has called for additional financial disclosures from President Trump, requesting updated information covering the first half of 2026. She argued that previous disclosures showing more than $1.4 billion in earnings from crypto-related ventures may not fully represent current financial activities.

Warren said updated disclosures would help Congress evaluate possible conflicts of interest and address concerns over government ethics.

Meanwhile, supporters of the Clarity Act continue to push for passage, arguing that clearer regulations are needed to support innovation and provide certainty for digital asset companies.

At a recent House Financial Services Committee hearing, Representative Bryan Steil said lawmakers should move away from regulation through enforcement and instead establish clear rules for the crypto industry.

He emphasized that the goal is to create a regulatory environment that encourages blockchain innovation while allowing the U.S. to remain competitive in the global financial technology sector.

As regulators finalize stablecoin rules and lawmakers debate broader crypto legislation, the next phase will determine how quickly the U.S. can establish a comprehensive framework for digital assets.