GENIUS Has Yet to Take Effect, Despite Some Firms Claiming to Be ‘Regulated’ and ‘Compliant’

Why It Matters

The gap between legislative passage and implementation leaves issuers marketing “GENIUS‑ready” products at risk of misleading investors, while major players including Circle and Tether reposition to meet the forthcoming standards that will determine market access and legal compliance.

Summary

Although the GENIUS Act was signed into law on July 18, 2025, it has not yet taken effect and remains in a public comment period running through Nov. 4, 2025, meaning no stablecoin issuer is currently regulated under it. Firms such as Anchorage Digital and Ethena Labs have positioned USDtb as a federally regulated, GENIUS‑aligned stablecoin—backed in part by BlackRock’s BUIDL fund (over $2.8 billion)—but legal observers stress these claims are aspirational until formal rulemaking and PPSI approvals are completed. The gap between legislative passage and implementation leaves issuers marketing “GENIUS‑ready” products at risk of misleading investors, while major players including Circle and Tether reposition to meet the forthcoming standards that will determine market access and legal compliance.