The GENIUS Act’s one-year implementation deadline passed on July 18, 2026, without any final regulatory rules for stablecoins being enacted, leaving major issuers and the broader market operating in a state of uncertainty. Eight regulatory proposals remain unfinished across several federal agencies, despite a statutory requirement to finalize rules within one year of the Act’s signing. Currently, no agency has completed its obligations under the legislation, and the process shows no clear sign of resolution.