GENIUS Act FAQ: US Stablecoin Rules

Short answers on the GENIUS Act effective date, the rulemaking, OCC trust charters and New York's BitLicense.

When does the GENIUS Act take effect?

On 18 January 2027, 18 months after enactment. Treasury's interim final rule: “the GENIUS Act takes effect on January 18, 2027, at which time it will generally be unlawful for persons to issue payment stablecoins in the United States unless they are licensed or approved as permitted payment stablecoin issuers” (Federal Register).

Have the GENIUS Act rules been finalised?

Not yet. Of 20 Federal Register documents with stablecoin or GENIUS in the title, 16 are proposed rules and 1 is an interim final rule on state certifications (list).

Which crypto firms have OCC approval for a national trust bank?

The OCC has conditionally approved 17 charters involving digital assets since 12 December 2025, including Circle, Ripple, Paxos, BitGo, Fidelity Digital Assets, Bridge, Crypto.com and Coinbase (table). Anchorage Digital Bank was already chartered.

Can exchanges keep offering stablecoins from unapproved issuers?

Section 3(b) bans digital asset service providers from offering or selling a payment stablecoin in the US unless a permitted issuer issued it, from 3 years after enactment: 18 July 2028 by our calculation (Act text).

Can a state license a stablecoin issuer?

Yes, for issuers with no more than $10 billion outstanding, if the state's regime is certified as substantially similar to the federal framework (section 4(c) of the Act).

What is a BitLicense?

New York's licence for virtual currency business activity under 23 NYCRR Part 200. 39 companies are on NYDFS's list of regulated virtual-currency entities (NYDFS, read 21 Oct 2026).

Is Kraken licensed in New York?

No Kraken company is on NYDFS's list of regulated virtual-currency entities (read 21 Oct 2026). This tracker does not cover licences in other states.

Where can I check a firm?

NYDFS's regulated entities list, the OCC's index of decisions and the Federal Register. Our table lets you search by brand or legal entity.