Woofun AI reports that the U.S. GENIUS Act has marked one year in effect, yet the operational framework for stablecoin issuers remains unfinished. While the legislation established a broad legal foundation for dollar-pegged digital assets, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are still actively proposing rules, leaving the industry in a state of regulatory limbo.

The specific standards under review encompass critical operational metrics, including reserve composition, capital and liquidity buffers, and custody practices.

Additionally, the agencies are gathering public feedback on anti-money laundering (AML) protocols and know-your-customer (KYC) procedures. These components form the core of the implementing rules that have yet to be finalized.

The rulemaking process is expected to unfold in stages over the coming months, with different regulatory components being finalized at varying times. This phased approach aims to allow for thorough industry input while addressing complex technical and legal questions. The GENIUS Act provides stablecoin issuers with a two-year grace period to achieve full compliance with these forthcoming rules.

Woofun AI data shows that stablecoins that fail to meet the finalized regulatory standards will no longer be available to U.S. users starting in July 2028. This timeline offers a clear, albeit distant, deadline for operational adaptation.

However, the uncertainty surrounding the exact nature of the final rules complicates long-term planning for companies operating in the space.

The slow pace of rule finalization creates a challenging environment, making it difficult for firms to confidently invest in compliance infrastructure or launch new products. Although the GENIUS Act provides high-level legal clarity, the absence of detailed operational rules means the current market operates under a transitional framework. Significant changes are likely once the detailed rules are published, potentially setting a global standard for stablecoin oversight.

The outcome of this regulatory process will determine which stablecoins remain accessible to American consumers and businesses in the years ahead. With the two-year compliance grace period running until July 2028, the industry faces a critical period of adjustment. The coming months will be decisive in shaping the future of stablecoin regulation in the United States.