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@argosaki
The US Fed’s GENIUS Act:
Stablecoin rules leave the statute
5 October 2026
On 24 September the Federal Reserve signed off on two proposed rules under the GENIUS Act, the July 2025 law for payment stablecoins.
One sets the application path for an insured state member bank that wants a subsidiary to issue them.
The other covers Fed-supervised permitted issuers: full backing by allowed reserve assets, capital, oversight, and a ban on tying.
Both landed in the Federal Register on 29 September. Comments close on 30 November 2026.
The statute’s own clock is the earlier of 18 January 2027 or 120 days after primary regulators issue final rules.
These texts are proposals, not the final regime.
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What they describe is a banking pipe for a token that must be redeemable at a fixed value.
They do not set a new foreign-exchange rate, order the public into bank branches, or confirm a currency reset.
Proof: Fed, proposed rules — https://federalreserve.gov/newsevents/pressreleases/files/bcreg20260924a1.pdf Federal Register, 29 Sept — https://govinfo.gov/content/pkg/FR-2026-09-29/html/2026-19860.htm
What does the 18 January 2027 deadline mean?
18 January 2027 is the outside date for the GENIUS Act to take effect. It is not a revaluation date, a payout date, or a switch-on for a new dollar.
The law was signed on 18 July 2025. It says the framework starts on the earlier of two dates:
• 18 months after enactment, which is 18 January 2027
• 120 days after the main federal stablecoin regulators publish final rules
Whichever comes first is the effective date.
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The Federal Reserve’s September texts are proposed rules, with comments open until 30 November 2026. They do not start that 120-day clock.
Only final rules do.
If those finals are late, or never land, the Act still switches on by 18 January 2027.
From that day, issuing a payment stablecoin in the United States without being a permitted issuer is outside the law.
Permitted issuers are the ones that meet the reserve, redemption, capital and supervision rules.
A token already designed to be redeemed for a fixed dollar amount has to sit inside that regime.
It does not change the Iraqi dinar rate, the euro, or any other currency peg.
It regulates who may issue a dollar-linked payment token and under what reserve rules.
Source(s):
• https://x.com/argosaki/status/2107314688635871513
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