The FDIC published its GENIUS Act proposed rule in the Federal Register on April 10, completing a sequence of five proposed rules now in public comment across four federal agencies. The OCC filed the first implementing proposal on February 25. The Treasury Department issued its state equivalency principles on April 3. The FDIC Board approved its prudential requirements on April 7. FinCEN and OFAC released their joint anti-money laundering and sanctions compliance rule on the same April 10 date.
Three distinct comment deadlines now face the industry. The OCC period closes first on May 1. The Treasury consultation ends June 2. Both the FDIC prudential rule and the FinCEN/OFAC AML framework close June 9. The Federal Reserve Board has not published its own proposed rule despite supervising state-chartered member banks and bank holding companies that could seek permitted payment stablecoin issuer status under the Act. All implementing agencies face a statutory deadline of July 18, 2026 to issue final regulations. The Act takes effect on the earlier of January 18, 2027 or 120 days after final regulations are published.
The FDIC rule includes a significant clarification on deposit technology. The statutory definition of a bank deposit under the proposed framework is technology-neutral. Tokenized deposits meeting the statutory definition receive standard FDIC insurance regardless of the recordkeeping system. Reserve deposits held by stablecoin issuers at insured banks qualify only for standard corporate coverage up to the $250,000 limit. Pass-through insurance to individual stablecoin holders does not apply.