GENIUS Act hits one-year mark with stablecoin rules still months from finalization
Banking regulators have proposals out for comment as the broader Clarity Act remains unpublished amid an ethics fight.

USDC is a Circle-issued dollar stablecoin whose $1 peg is enforced by redemption, and it can still depeg when banking rails or reserve access are stressed.

USDT tends to win on liquidity, USDC on reserve verification cadence, and DAI on DeFi-native issuance and governance.

DAI is a soft-pegged, crypto-collateralized stablecoin created by borrowing against onchain collateral in Sky Protocol Vaults.
Banking regulators have proposals out for comment as the broader Clarity Act remains unpublished amid an ethics fight.
The framework envisioned by the law remained unfinished as of July 18, 2026, keeping U.S. compliance expectations unresolved.
Tinubu’s July 17 order splits oversight, putting stablecoins and custody under the central bank and securities-like products under the SEC.
The one-way feature targets EU/EEA users facing USDT restrictions after MiCA’s July 1 rollout completion.
He argues the draft expands BSA coverage, mandates real-time sharing with law enforcement, and adds hold and freeze authority.
The central bank also flagged expanded deposit-token pilots for 2H 2026 as issuer eligibility stalls the Digital Asset Basic Act.
The rollout splits access: perpetual futures for institutional and advanced traders, and equities for retail users under UK rules.
National regulators are expected to begin action from July 1, with multimillion-euro penalties and uneven early enforcement likely.
HM Treasury backed a “multi-money ecosystem” framing, while the FCA set a September-to-Feb. 2027 authorization runway ahead of an Oct. 2027 go-live.
ESMA is pushing unlicensed providers to wind down, while exchanges roll out incentives to capture migrating users.
The consultation lands as Binance plans EU service restrictions and DefiLlama shows multi-day net outflows after its Greece withdrawal.
The cohort covers roughly $25B in combined assets as NCUA advances a licensing regime for stablecoin issuers via CU subsidiaries.
His Point Zero Forum remarks contrast with a BIS Annual Economic Report 2026 preview flagging stability and sovereignty risks.
The draft lifts the share of reserves allowed in interest-bearing government debt to 70% and targets final rules by end-2026.
Anchorage Digital and State Street Bank are initial investors in the Rule 2a-7 government fund.
The firm flagged fake ticketing sites and a fixed-match betting pitch as FIFA and the FBI warned about spoofed domains and unofficial sales.
The crypto bank urged FinCEN and OFAC to avoid strict liability for sanctioned-user activity via smart contracts.