GENIUS Act Stablecoin Rules: Tomorrow Is the Last Day to Shape Them
The FinCEN-OFAC comment window on stablecoin AML rules closes June 9. Here is what the proposed rules require, who they affect, and what happens on July 18, 2026.
The comment window on the first federal anti-money laundering rules for stablecoin issuers closes tomorrow. The Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) published their joint proposed rule on April 10, 2026, implementing the Guiding and Establishing National Innovation for US Stablecoins Act — known as the GENIUS Act — which was signed into law on July 18, 2025.
June 9 is the final day for stablecoin issuers, banks, fintech operators, and any member of the public to submit comments before regulators move toward a final rule. The stablecoin market passed $300 billion in market capitalisation in early 2026.
What the GENIUS Act established
The GENIUS Act was the first comprehensive federal framework for payment stablecoins in the United States. It defined a payment stablecoin as a blockchain-based digital asset designed to maintain a stable value relative to a fixed monetary reference — typically the US dollar — and established who may issue them, under what reserve conditions, and subject to what disclosures.
It directed the Secretary of the Treasury to treat permitted payment stablecoin issuers (PPSIs) as financial institutions under the Bank Secrecy Act (BSA), the foundational US anti-money laundering statute that already governs banks, broker-dealers, and money services businesses. The FinCEN-OFAC proposed rule implements that directive.
What the proposed rules require
The proposed rule covers two distinct frameworks. FinCEN is proposing to formally add PPSIs to the regulatory definition of "financial institution" under 31 C.F.R. Section 1010.100(t), bringing them inside the full BSA compliance architecture. PPSIs would be required to maintain a risk-based AML/CFT programme, file suspicious activity reports (SARs) for primary market transactions at a $5,000 threshold, comply with Travel Rule recordkeeping requirements, and maintain technical capabilities to block, freeze, and reject transactions in response to lawful orders.
OFAC is separately proposing sanctions compliance programme requirements, drawing on its 2019 Compliance Framework and its 2021 guidance for the virtual currency sector. The proposed rule notes that issuers deploying advanced monitoring tools — including AI-driven analytics and federated learning — and capable of demonstrating their effectiveness, may receive more favourable regulatory treatment under examination. As TBM's coverage of crypto exchange compliance established, the compliance clock for fintech operators is running on multiple fronts simultaneously in 2026.
What the July 18 deadline means
The GENIUS Act set a one-year implementation window from the date of enactment. July 18, 2026 marks that anniversary and the point at which several implementing rules — including foreign issuer registration requirements — move from proposal to obligation. The final AML rule will not itself take effect on July 18, as it requires a separate 12-month implementation period after a final rule is issued. The June 9 comment window closes the public input phase; FinCEN and OFAC then move to finalise the rule, at which point the 12-month compliance clock begins.
For any business operating in the stablecoin or digital payments space, July 18 is the date that makes planning concrete. Tether's USDT currently holds above 67% of the stablecoin market by supply, with Circle's USDC at approximately 27%, according to CoinGecko data from May 2026. Both, alongside every PPSI operating under the GENIUS Act framework, will need to build or verify BSA compliance infrastructure against whatever the final rule requires. The Revolut stablecoin data published earlier this year showed the scale at which stablecoins now settle real transactions.
The compliance architecture being built around them is proportionate to that scale, and June 9 is the last public opportunity to shape it.
Editor's note
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