Odaily Planet Daily News: Variant Chief Legal Officer Jake Chervinsky published an article on X stating that there is currently no so-called "GENIUS compliant" stablecoin.

Much of the debate has focused on whether existing stablecoins comply with GENIUS. However, the bill itself does not provide specific rules for how issuers can comply. It simply sets a general framework, leaving the details to regulators to fill in through rulemaking. Rulemaking is a massive undertaking, and until these rules are finalized, it's impossible to determine whether a particular stablecoin complies.

Rulemaking is no small matter, nor is it something anyone can delay – GENIUS actually needs to wait 120 days after the rules are finalized to become effective law, with an estimated date of July 18, 2026. This means the expected effective date for GENIUS is November 15, 2026. Until then, stablecoins will continue to operate under the same regulatory framework that has governed them for the past one, five, and ten years.