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# Genius Act Passed a Year Ago—Regulators Still Haven't Written the Rules
- URL: https://wire.fourthweb.ai/genius-act-passed-a-year-ago-regulators-still-havent-written-the-rules/
- Published: 2026-07-19T18:30:00.000Z
- Updated: 2026-07-19T20:02:30.000Z
- Description: The U.S. passed its first major stablecoin law, and a year later regulators still haven't written the actual rules. The GENIUS Act became law one year ago, creating the first federal framework for stablecoin regulation in the U.S.
- Author: Travis Wright
- Tags: Real World Assets, Stablecoins, Tokenized Assets, DeFi, IPO Watch

**The U.S. passed its first major stablecoin law, and a year later regulators still haven't written the actual rules.**

### The Summary

- [The GENIUS Act became law one year ago](https://www.coindesk.com/policy/2026/07/19/the-genius-act-turns-1-state-of-crypto?ref=wire.fourthweb.ai), creating the first federal framework for stablecoin regulation in the U.S.
- [Despite a statutory deadline, federal regulators have not finalized implementation rules](https://rwatimes.substack.com/p/vence-el-plazo-de-la-genius-act-sin), leaving key compliance questions unanswered
- [Crypto firm Paradigm is pushing back on proposed NCUA stablecoin regulations](https://rwatimes.substack.com/p/paradigm-urges-ncua-to-revise-genius), arguing the current draft framework is too restrictive
- [The law has made stablecoins easier to sell in the U.S.](https://rwatimes.substack.com/p/one-year-later-genius-act-just-made) while Congress debates companion legislation like the CLARITY Act

### The Signal

One year into the GENIUS Act, the gap between legislative intent and regulatory execution is wide enough to drive a truck through. [The law established federal standards for stablecoin issuance](https://rwatimes.substack.com/p/genius-act-turns-one-how-the-law), requiring dollar-pegged tokens to hold reserves with approved custodians and submit to regular audits. It was supposed to bring clarity to a market where issuers operated in regulatory gray zones, unsure whether they'd be classified as banks, money transmitters, or something else entirely.

The problem? [The agencies tasked with writing implementation rules missed their own deadlines](https://rwatimes.substack.com/p/vence-el-plazo-de-la-genius-act-sin). The National Credit Union Administration proposed stablecoin standards, but [Paradigm filed a comment letter arguing the NCUA framework is overly restrictive](https://rwatimes.substack.com/p/paradigm-urges-ncua-to-revise-genius) and would disadvantage non-bank issuers. Treasury and the Federal Reserve are still working on their pieces. The law created a structure, but the scaffolding isn't fully assembled.

> "The law has made [stablecoins](https://wire.fourthweb.ai/tag/stablecoins/) easier to sell in the U.S., but key compliance requirements remain undefined."

Still, the market hasn't waited for regulators to catch up. [According to multiple analyses, the GENIUS Act has already changed how stablecoins operate in the U.S.](https://rwatimes.substack.com/p/one-year-later-has-the-genius-act), even without final rules. Issuers know the direction of travel. They're building toward the compliance standards they expect to face, not the ones that exist today. Major stablecoin projects have added U.S.-based custodians, beefed up attestation processes, and started geo-fencing certain features to stay ahead of enforcement.

The legislative momentum hasn't stopped either. [Congress is now debating the CLARITY Act](https://rwatimes.substack.com/p/genius-act-celebrates-first-anniversary), a companion bill that would extend similar frameworks to other crypto assets beyond stablecoins. If GENIUS is the proof of concept, CLARITY is the production rollout. The question is whether regulators can actually implement one framework before lawmakers pile on the next.

**Progress and gaps:**

- Federal stablecoin framework exists on paper, reducing legal ambiguity
- Implementation deadlines have passed without final agency rules
- Market participants are self-regulating based on expected standards, not actual ones

What's most interesting is the second-order effect: [the GENIUS Act has reshaped the conversation around stablecoins from "if" to "how"](https://rwatimes.substack.com/p/one-year-of-the-genius-act-progress). A year ago, the debate was whether dollar-backed tokens should exist in the U.S. at all. Now the debate is over reserve requirements, custodian eligibility, and audit frequency. That's a material shift. Regulatory capture or not, the industry has a seat at the table.

### The Implication

If you're building anything that touches stablecoins, you're already operating under the shadow of rules that don't technically exist yet. The smart play is to assume stricter standards are coming and build your compliance stack accordingly. Reserve transparency, third-party attestations, and U.S.-domiciled custodians are the table stakes. When the final rules drop, you want to be ahead of them, not scrambling to catch up.

For the broader crypto market, watch how the CLARITY Act evolves. If stablecoin regulation is the thin edge of the wedge, whatever comes next will define whether the U.S. becomes a hub for [tokenized assets](https://wire.fourthweb.ai/tag/tokenized-assets/) or a place companies route around. The GENIUS Act proved federal crypto legislation is possible. Whether it's effective is still TBD.

### Sources

[CoinDesk](https://www.coindesk.com/policy/2026/07/19/the-genius-act-turns-1-state-of-crypto?ref=wire.fourthweb.ai) | [RWA Times](https://rwatimes.substack.com/p/one-year-of-the-genius-act-progress)