Variant Chief Legal Officer: Currently, there are no stablecoins that comply with the "GENIUS" rules, as the rules themselves have not been established

ChainCatcher news, Variant Chief Legal Officer Jake Chervinsky posted on X that there is currently no so-called "GENIUS compliant" stablecoin.

Much of the debate has focused on whether existing stablecoins comply with GENIUS, but in reality, the legislation itself does not provide specific rules for issuers on how to comply ------ it merely sets an overall framework, with details to be filled in by regulators through rulemaking. Rulemaking is a massive undertaking, and until these rules are completed, it is impossible to determine whether a stablecoin is compliant.

The process of rulemaking is not trivial, nor is there anyone who can delay it ------ GENIUS actually needs to wait 120 days after the rules are finalized to become effective law, with the expected determination date being July 18, 2026, which means the anticipated effective date for GENIUS is November 15, 2026. Until then, stablecoins will continue to operate under the regulatory frameworks of the past one, five, or ten years.