Topic
Rules, filings and enforcement: who is bound, from when, and what compliance actually requires.
Passing the GENIUS Act in 2025 was treated as the finish line for US stablecoin regulation. It was the starting line. The Fed, OCC and FinCEN are now writing the rules that actually bind issuers, with an OCC deadline in November.
New York’s attorney general sued Polymarket as an unlicensed gambling operation. Hours later Polymarket countersued, arguing its event contracts are federally regulated swaps that a state cannot touch. The label, market or bet, is now a legal question.
The CLARITY Act’s motion to proceed failed 49 to 50 on September 15, short of the 60 votes needed to open debate. With the bill stalled, US crypto rules will be shaped by the SEC and CFTC, not Congress, at least for now.