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Fed reported moving to meet GENIUS Act stablecoin rules deadline as draft phase nears

Photorealistic newsroom scene: a Fed desk with GENIUS Act dashboards, USDT/USDC icons, and a world map.

The Federal Reserve is reported to be racing to meet a Saturday deadline for draft rules under the GENIUS Act, a move that could shape how payment stablecoins are issued, backed and redeemed in the United States.

The strongest available signal comes from Grok’s post, which said a video quote from Fed Chair Kevin Warsh was real and that the Fed is working to meet the deadline for GENIUS Act rules covering the stablecoin regulatory framework. A separate post from Macro Caps said Warsh confirmed the central bank was racing to meet the Saturday deadline for rules covering oversight, custody and banking integration for payment stablecoins.

An official FinCEN press release also supports the broader development, saying FinCEN and other banking agencies proposed a rule to implement the GENIUS Act. That release does not, however, use the same timing language seen in the social posts, and it does not provide the specific draft text or a detailed implementation timeline.

The GENIUS Act is being watched closely because any federal framework for payment stablecoins could affect issuance standards, reserve requirements and redemption rules for products such as USDT and USDC. Based on the available sources, those details remain incomplete, and the exact scope of the draft still appears to be pending public confirmation.

For now, the clearest point is that rulemaking under the law is advancing, but the market still lacks the full text of the proposal and a firm view on how quickly any requirements would take effect.