The OCC published its 376-page proposed rule on February 25, 2026. The agency received 47 comment letters before its May 1 deadline. Treasury issued its state-equivalence principles NPRM on April 3. The FDIC Board approved a parallel NPRM on April 7. FinCEN and OFAC published a joint AML and CFT proposed rule on April 9. The NCUA published a second supplemental NPRM on May 15 with a comment period closing July 17. The Federal Reserve Board has published nothing.
The GENIUS Act requires all primary federal payment stablecoin regulators to issue final implementing regulations by July 18, 2026. The Fed's jurisdiction covers subsidiaries of state member banks and certain holding companies seeking to issue payment stablecoins. Without a proposed rule, the Fed cannot complete a notice-and-comment cycle in time. Treasury's state-equivalence comment period closes June 2. The FDIC and FinCEN/OFAC comment periods both close June 9.
The GENIUS Act takes effect on the earlier of January 18, 2027, or 120 days after final regulations are issued. If the Fed delays its rulemaking into the fall, entities under its jurisdiction would face a compressed implementation window relative to those supervised by the OCC or FDIC. The CLARITY Act passed the Senate Banking Committee 15-9 on May 14. Democratic Senators Gallego and Alsobrooks joined all 13 Republicans in voting for the bill. A full Senate floor vote could come as soon as mid-June.