Comment by Aloisius

> No. The GENIUS Act is in effect, it was signed on July 18, 2025, becoming Public Law No: 119-27.

The law itself isn't the regulations. The law authorizes and directs regulators to create the regulations.

Moreover, the GENIUS Act doesn't become effective until January 18, 2027 (18 months after it was passed) or 120 days after regulators issue final regulations, whichever is earlier.[1][2]

The regulations for it are still being developed across dozens of state and federal regulatory agencies. The only thing someone like Tether did was get an existing bank to issue it which is a basic requirement to qualify as stablecoin issuer at all.

[1] Pub. L. 119–27, § 20

[2] https://dacfp.com/the-genius-act-in-plain-english/