US stablecoin rules lag as crypto volumes hit $1.1T
Federal regulators are still months away from finalizing stablecoin rules a year after the GENIUS Act became law, even as trading volumes surge and a broader crypto bill stalls over ethics.
A year after President Donald Trump signed the GENIUS Act into law, U.S. federal regulators are still months away from finalizing the rules that stablecoin issuers must follow. The legislation established the country's first major federal crypto law, setting a broad direction for reserves, governance and operations.
The details, however, remain in the hands of agencies like the Office of the Comptroller of the Currency and the Federal Depository Insurance Corporation. The FDIC has published 144 questions probing custody, capital and liquidity standards. The OCC issued its own interpretation proposal in February, including requirements for stablecoin issuers to conduct know-your-customer checks similar to traditional financial firms.
For market participants, the prolonged rulemaking creates a period of regulatory anticipation. Crypto Council for Innovation CEO Ji Hun Kim called the law's passage "a landmark moment," adding that "stablecoins are moving rapidly toward mainstream adoption" on a clearer foundation.
That market momentum is already visible. Centralized exchange trading volumes rose in June for the first time in five months. Spot trading climbed 15.3 percent to $1.11 trillion, while perpetual volumes for real-world assets surged to a record $311 billion.
Broader bill stalls over ethics
While stablecoin rules take shape, the Digital Asset Market Clarity Act remains stuck in legislative limbo. The combined draft text has yet to be made public, despite expectations for a release last week and a Thursday briefing for Trump by Senators Cynthia Lummis and Bernie Moreno.
The primary obstacle is a lack of bipartisan agreement on an ethics provision that would prevent senior government officials from profiting off crypto ventures. Senator Elizabeth Warren is pressing Trump for a voluntary financial disclosure covering the first half of 2026, noting his 2025 filing showed over $1.4 billion in crypto revenue. "It does not account for any changes that have taken place in recent months," Warren wrote.
House lawmakers continue to push for passage before the session ends. "Our goal is clear: replace regulation by enforcement with clear rules of the road for digital assets," said Representative Bryan Steil, chairing a Friday hearing on the bill. Whether lawmakers can bridge the ethics divide before leaving town remains uncertain.
