- US regulators issued a comprehensive 376-page proposal with 211 unresolved questions.
- The May 1 comment deadline will likely shape how stablecoins operate in America and globally in the coming years.
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) marked a regulatory breakthrough when Congress passed it in July 2025.
The law had one primary goal, which was to bring clarity to one of the fastest-expanding sectors in crypto and blockchain (stablecoins).
That clarity is taking shape eight months later. Despite Coinbase’s rejection, the latest updates indicate that the Senate has confirmed a markup on the CLARITY Act (the stablecoin bill) for April.
Meanwhile, the Office of the Comptroller of the Currency (OCC) released a 376-page proposal last month, on February 26. Maybe this didn’t make much noise, but it marked the first comprehensive attempt to regulate stablecoin issuance.
The rulebook highlighted crucial factors like stablecoin licensing, reserve standards, redemption obligations for PPSIs (Permitted Payment Stablecoin Issuers), and capital requirements for issuers.
 
However, there was one thing that couldn’t fly under the radar.
The federal proposal included 211 unanswered questions, covering everything from how issuers can handle stress cases, such as sudden redemption upticks, to approval procedures.
Also, key areas such as interoperability standards, how the law should treat algorithmic stablecoins, and aligning the Fed’s oversight with state licensing regimes.
Why May 1 is worth your attention
Notably, the comment period will close on May 1. And what industry players submit between now and then will shape how the stablecoin market operates for years to come. These include issuance, backing, and practical usage of digital dollars.
OCC’s Johnathan V. Gould said:
“We welcome feedback on the proposal to inform a final rule that is effective, practical, and reflects a broad industry perspective.”
Now, crypto firms, industry groups, and financial institutions should fill the 211 gaps by May 1.
There’s another harder deadline behind this, which makes the clock tick even faster. Regulators should finalize the rules by July 18, 2026 (a year after GENIUS passed).
The Act will take effect in January 2027 or earlier if regulators accelerate the process.
The proposal’s fault lines
The GENIUS Act’s dual-track model is among the most momentous tensions. It means issuers can choose either state or federal oversight. Experts warn that such flexibility could quickly lead to fragmentation.
Meanwhile, the OCC wants the industry to help connect these systems. Failure to do so could lead to inconsistent rules for crypto firms depending on where they operate. That’s against what the regulations require: clear compliance.
For now, the GENIUS Act is still a work in progress. While its foundation is in place, its actual meaning relies on who steps up with what before May 1, and how they will help lawmakers finalize everything faster.
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