The current U.S. stablecoin legislation is entering a critical window:

The deadlock over the "Clarity Act" (CLARITY Act) has been broken. In May 2026, bipartisan senators reached a compromise on stablecoin reward provisions: crypto exchanges can issue rewards to users based on actual transactions and network usage (such as consumption and transfers), but passive holding yields are prohibited. This compromise clears a key obstacle that previously stalled the legislation, and the Senate Banking Committee is expected to hold a vote as early as the week of May 11, 2026. The prediction market Polymarket has increased the probability of the bill being enacted in 2026 to 55%. However, new ethical clause disputes still pose a certain threat to the bill's passage.
The implementation details of the "Genius Act" (GENIUS Act) are accelerating. The bill was officially signed into law in July 2025. Since 2026, the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Assets Control (OFAC) have issued supporting rules covering licensing frameworks, investment regulations, and anti-money laundering sanctions compliance, building a federal-level regulatory system for payment-based stablecoins.
Global regulatory trends. Hong Kong's "Stablecoin Regulations" came into effect in August 2025, and by April 2026, the first two stablecoin licenses had been issued; the regulatory transition period under the EU's MiCA framework will also end in July 2026, with major economies' regulatory frameworks accelerating their formation.