GENIUS Has Yet to Take Effect, Despite Some Firms Claiming to Be ‘Regulated’ and ‘Compliant’
The post GENIUS Has Yet to Take Effect, Despite Some Firms Claiming to Be ‘Regulated’ and ‘Compliant’ appeared on BitcoinEthereumNews.com.
Three months after the landmark U.S. stablecoin legislation was signed into law, the bill is still in a public comment period. 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 it — 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. Originally launched by Ethena Labs in December 2024, USDtb is backed largely by BlackRock’s tokenized U.S. Treasury fund, BUIDL, which has over $2.8 billion in assets, per RWAxyz. The stablecoin was previously issued outside of the U.S., with Ethena Labs handling minting and redemptions. In an Oct. 13 post on X, Ethena confirmed that it had transitioned the USDtb smart contract to Anchorage Digital, calling it a “monumental onshoring making USDtb the first federally-regulated stablecoin issued in a compliant manner under the GENIUS Act.” But competitors and onlookers caution that it’s technically still early for such statements, arguing that the claims risk misleading investors in “low-information environments.” Questions on Implementation As legal and industry observers caution, “onshoring” USDtb via a regulated firm like Anchorage is not the same as statutory approval under a particular law. Facundo Werning, head of LATAM at stablecoin startup Agora, pointed out in an Oct. 14 post on X that…
Filed under: News - @ October 25, 2025 2:25 pm