According to CoinMeta, the Federal Reserve is building the bank-grade infrastructure for the GENIUS legislation, which involves two proposed rules (NPRMs), and a deadline has been set. Three federal agencies are working on different aspects of the US stablecoin market: the Federal Reserve defines the underlying technology, the Treasury Department establishes issuance standards, and the Securities and Exchange Commission (SEC) is responsible for regulating the issuance process. The Federal Reserve's contributions, which included the adoption of two proposed rules on September 24, 2026, established strict 1:1 reserve requirements, prohibited re-pledging, and tailored capital requirements for issuers' business models. The relevant standards from the Treasury Department and SEC are also nearing their comment deadline, with the industry having a 72-hour feedback period before the Federal Reserve's deadline of November 30.