Regulation · US
US crypto regulation: stablecoins, agencies, market structure
Educational snapshot as of October 23, 2026 (PT). Not legal advice.
Explainers: GENIUS Act summary · CLARITY Act status · Weekly regulation tracker
GENIUS Act (payment stablecoins)
Enacted July 18, 2025 (Public Law 119-27). Core ideas include 1:1 high-quality reserves, monthly reserve disclosures, AML/CFT obligations, and a permitted-issuer concept. As of October 23, 2026, agencies are still putting the Act into effect: the OCC has announced a final rule, Treasury's section 3 rule is still a proposal, and AML and sanctions rules are still to come (seeHow the GENIUS Act is being put into effect).
The OCC announced its final rule implementing the GENIUS Act on October 21, 2026; the rule and the Act take effect January 18, 2027. Anti-money-laundering and sanctions rules will follow in a separate rulemaking (OCC News Release 2026-92). The rule is published in the Federal Register on October 23, 2026 (91 FR 67000; FR Doc 2026-21706) (Federal Register, 91 FR 67000 (FR Doc 2026-21706)).
How the GENIUS Act is being put into effect
As of October 22, 2026 (PT). The GENIUS Act is law, but much of the detail sits in agency rules. Several pieces are now moving at once. This is a status summary, not legal advice.
On October 21, 2026 the OCC announced its final rule implementing the Act. It sets requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC's jurisdiction, and for certain custody activities of OCC-supervised entities. It is published in the Federal Register on October 23, 2026 (91 FR 67000; FR Doc 2026-21706) (Federal Register, 91 FR 67000 (FR Doc 2026-21706)). The OCC says it will announce in a separate release when it begins accepting applications and waiver requests (OCC News Release 2026-92).
Rules on anti-money-laundering, the Bank Secrecy Act and sanctions are not part of that rule. The OCC says they will come in a separate rulemaking coordinated with the Treasury. Treasury's own proposed rule on section 3 (who may issue, offer and sell payment stablecoins) was published August 18, 2026 and its comment period ended October 19, 2026. It remains a proposal (Federal Register Doc 2026-16796).
The OCC states that the final rule and the GENIUS Act take effect on January 18, 2027. A later step is set in the statute: from July 18, 2028, digital asset service providers generally may not offer or sell payment stablecoins to people in the US unless they come from a permitted issuer or qualify under the foreign-issuer exception (Treasury release sb0605; Public Law 119-27).
| Step | Agency | Status | Date | Source |
|---|---|---|---|---|
| OCC final rule for issuers under OCC jurisdiction (RIN 1557-AF41) | OCC | Final rule; published in the Federal Register Oct 23, 2026 (91 FR 67000; FR Doc 2026-21706) | Oct 21, 2026 | OCC NR 2026-92; Federal Register |
| Section 3 rules on issuance, offer and sale (FR Doc 2026-16796, RIN 1505-AC95) | Treasury | Proposed; comment period ended | Comments closed Oct 19, 2026 | Federal Register |
| Anti-money-laundering and sanctions rules for issuers | OCC with Treasury | Separate rulemaking to come | Not announced | OCC NR 2026-92 |
| GENIUS Act and OCC final rule take effect | Congress; OCC | Scheduled | Jan 18, 2027 | OCC NR 2026-92 |
| Platforms generally may not offer non-permitted payment stablecoins in the US | Statute (Sec. 3) | Scheduled by statute | Jul 18, 2028 | Treasury sb0605 |
More detail: GENIUS Act summary and FAQ · status updates weekly on the regulation tracker.
Market structure / CLARITY
H.R. 3633, the Digital Asset Market Clarity Act (119th Congress), passed the House on July 17, 2025. On September 15, 2026 the Senate did not invoke cloture on the motion to proceed (49-50), and a motion to reconsider was entered. It is not enacted as of October 23, 2026 (Congress.gov latest action 2026-09-15; see CLARITY Act status). Spot crypto market structure remains partially clarified (stables) and still fragmented (other tokens). SEC and CFTC continue agency-level approaches.
CFTC advance notice (ANPRM)
CFTC advance notice of proposed rulemaking (ANPRM), not a proposed rule: “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” (RIN 3038-AF80). Announced Oct 5, 2026 (CFTC release 9307-26); Published in the Federal Register Oct 13, 2026 (Vol. 91 No. 196, pp. 64811–64840; RIN 3038-AF80; FRDoc 2026-20888); comments due December 14, 2026. Still an ANPRM only. Seeks comment on rules for retail crypto commodity transactions and a possible new crypto-asset market category of designated contract market; states GENIUS-permitted payment stablecoins are not commodities. No rule text; nothing in force.
SEC proposed Regulation Crypto Assets
The SEC’s proposed Regulation Crypto Assets (published in the Federal Register Aug 21, 2026; RIN 3235-AN38) closed for comment on Oct 20, 2026; it is a proposal, not a final rule (Federal Register Doc 2026-17183).
Other hooks
- BTC/ETH spot ETF lane already reshaped institutional access
- State money-transmitter / BitLicense overlays still relevant
- Executive Order 14178 (signed Jan 23, 2025) prohibits agencies, except as required by law, from acting to establish, issue or promote a CBDC (Federal Register 2025-02123)