The Federal Reserve Is Advancing Payment Stablecoin Rules Under the GENIUS Act and Why It Is the Last Missing Piece
Overview On the federal regulatory map for payment stablecoins, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Treasury Department, and FinCEN have all delivered their pieces. The Federal Reserve's prudential rules for the issuers under its jurisdiction have been the outstanding gap. This matters because the GENIUS Act set a statutory deadline of July 18, 2026, and because of the effective date mechanism: th