Federal Reserve Has Not Proposed Stablecoin Capital Rules Nine Days Before Statutory Deadline
The OCC, FDIC, and NCUA have each published formal proposed rules covering capital, liquidity, and risk management for stablecoin issuers under the GENIUS Act, but the Federal Reserve Board has issued only a joint customer-identification rule and has not opened a stand-alone rulemaking on any of those topics. As of July 9, 2026, no agency has published a final rule, meaning the statute will activate automatically on January 18, 2027, rather than on the earlier 120-day clock that a timely final rule would have triggered. The practical result is that stablecoin capital and liquidity standards will go live next January with three of four prudential regimes at least proposed and one, the Fed's, not yet drafted.