Variant's chief legal officer, Jake Chervinsky, said in an X post that there is currently no so-called "GENIUS compliance" stablecoin.
Much of the debate has focused on whether existing stablecoins are GENIUS-compliant, but in fact the bill itself does not provide specific rules on how issuers will comply - it merely sets an overall framework, and the details will need to be filled in by regulators through rulemaking, a mammoth exercise that cannot determine whether a stablecoin is compliant until those rules are completed.
Making the rules is no small matter, and no one can delay it - GENIUS actually needs to wait 120 days after the rules are finalized to become effective law, which is expected to be July 18, 2026, which means that GENIUS's expected effective date is November 15, 2026. Until then, stablecoins will continue to operate in the same way they have been regulated for the past one, five, or ten years.
Variant Chief Legal Officer: There are currently no stablecoins that comply with the "GENIUS" rules, after all, the rules themselves have not been determined
2025-09-11 03:25:55
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