The GENIUS Act is moving toward its January 18, 2027 effective date without a finished regulatory framework beneath it. Section 13 said federal and state stablecoin regulators “shall promulgate regulations” within one year of enactment. The framework involves the Office of the Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, Treasury Department and state regulators. OCC and NCUA drafts include a $5 million minimum for certain new issuers, risk-based ongoing capital requirements, operational backstops, reserve diversification rules and liquidity-management standards. Washington has decided when the federal stablecoin regime can begin.