One Year On: Assessing the Impact of the GENIUS Act on Crypto Regulation

A year later, the regulatory framework remains unfinished, yet we now have a clearer picture of how authorities view stablecoins and where their eventual rules may settle.

In an emailed statement, Ji Hun Kim, CEO of the Crypto Council for Innovation, described the bill’s passage as “a landmark moment.”

He added: “‘One year on, agencies, institutions, and innovators are building on a more solid foundation, and stablecoins are swiftly moving toward mainstream adoption.’

Regulators have issued several proposed rules for comment covering various facets of stablecoin governance and oversight. One proposal would mandate that stablecoin issuers perform know‑your‑customer procedures akin to those required of traditional financial institutions. Earlier this year, the FDIC released a set of 144 questions outlining its approach to supervising stablecoin issuers, focusing on custody, capital adequacy, and liquidity standards. Meanwhile, the OCC issued its own proposal in February detailing its interpretation of the legislation.

Finalization of these rules is still a few months away. In the interim, industry participants continue to advocate for passage of the Digital Asset Market Clarity Act.

As of Friday night, the consolidated text of the Clarity Act drafts remains unpublished, despite earlier expectations that it would be released last week. The schedule has shifted repeatedly. On Thursday, Senators Cynthia Lummis and Bernie Moreno were slated to brief former President Trump on the bill; no public summary of that meeting emerged afterward, though both senators later posted on X about Trump’s comments regarding the election.

Source link