The GENIUS Act, enacted on July 18, 2025, created the first comprehensive federal framework for payment stablecoin issuance in the US. Now, with follow-up proposals rolling in from the Office of the Comptroller of the Currency and the New York Department of Financial Services, the regulatory picture is coming into sharper focus.
What the new rules actually require
The GENIUS Act’s core requirement is straightforward: issuers must maintain 1:1 reserves in permitted assets like cash and short-term Treasuries. Those reserves must be reported monthly, and stablecoins must be redeemable at par value.
In April 2026, the OCC and Treasury proposed initial rules focusing on issuer licensing, mandatory audits, and creating alignment between federal and state regulatory regimes.
Then on June 9, 2026, the NY DFS released its own proposed regulations designed to harmonize New York’s existing state standards with the GENIUS Act. The NY DFS proposal incorporates enhanced risk-management protocols while staying within the broader federal framework.
