A year has passed since the United States established a federal regulatory framework around a stable currency, but specific implementing rules are still being developed. The GENIUS Act, signed by Trump in 2025, provides for the first time a federal-level legal basis for United States stabilization currency regulation, although the details of reserves, governance, operational and compliance requirements need to be further clarified by regulators.
Regulatory rules are still being consulted
Over the past few months, a number of United States regulators have been issuing draft rules or consultation papers. Reports indicate that these relate to such issues as customer identification, hosting arrangements, capital requirements and liquidity standards for stable issuers.
Among them, the Federal Deposit Insurance Corporation (FDIC) had previously raised 144 questions, focusing on how to regulate the issuer of a stable currency. The United States Monetary Supervisory Authority (OCC) also published in February this year an explanatory programme on the Act to explain how it intends to apply the relevant provisions.
These rules are currently several months away from their finalization. Although the bill has been in force for one year, the complete system to be followed in the future by the issuers of the stable currency has not yet been fully landed.
Congress is moving towards a market structure bill.
Following the stabilization currency legislation, the encryption industry is shifting its focus to the Digital Asset Market Clarity Act. The bill aimed at further clarifying the division of regulatory roles and operating rules for the digital asset market, but as of last Friday night, the text of the consolidated bill had not been made public.
The market had expected the draft to be released last week, but the timetable was constantly changing. The report mentioned that Senators Cynthia Lummis and Bernie Moreno had been scheduled to brief Trump on the bill last Thursday, but that there had been no public minutes since the meeting.
The Subcommittee on Digital Asset Operations of the Financial Services Commission of the House of Representatives held hearings on Friday. In his opening remarks, Bryan Steel, Chairman of the Group, stated that Congress needed to adopt the bill to end the situation of “law enforcement instead of regulation” and to establish clearer rules for the digital asset market.
Ethical provisions remain the main disagreement.
At present, one of the greatest obstacles to the advancement of the bill is the inclusion of ethical provisions that limit the benefits to senior government officials from their personal encryption operations. CoinDesk cited sources who claimed that at the time of the submission there was no agreement between the two parties on the issue.
Democratic Senator Elizabeth Warren stated last Thursday that she had requested Trump to provide financial disclosure covering the first half of 2026. She noted that the previous financial disclosure filed by Trump in 2025 indicated that it had earned over $1.4 billion through various encryption operations, but that the document did not reflect the financial changes of recent months.
This means that political differences around broader encryption legislation persist while the United States rules for the stabilization of currencies have not yet been finalized. Next, when regulators complete by-laws, and if Congress is able to reach a compromise on ethical provisions, will affect the pace at which the next stage of the encryption regulatory framework in the United States will move forward.