GENIUS Has Yet to Take Effect, Despite Some Firms Claiming to Be ‘Regulated’ and ‘Compliant’

When the GENIUS Act was signed into law on July 18, 2025, the crypto industry hailed it as a significant piece of legislation globally, proposing federal regulations for stablecoins in the United States.

Just over three months later, GENIUS has yet to go into effect — meaning that no stablecoin or stablecoin issuer is actively regulated by the bill — even as established and new players position themselves to comply with the upcoming rules.

Despite that, Anchorage Digital Bank, known for being the only crypto-focused bank with a charter from the Office of the Comptroller of the Currency (OCC), announced earlier this month that it would be issuing "America’s first federally regulated stablecoin," USDtb, in partnership with Ethena Labs, the issuer of synthetic dollar asset USDe.

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