Variant Chief Legal Officer: There is currently no stablecoin that complies with the "GENIUS" rules, after all, the rules themselves are not determined.

According to Golden Finance, Variant Chief Legal Officer Jake Chervinsky posted a message on X that there is currently no so-called "GENIUS Compliance" stablecoin. Much of the debate has focused on whether existing stablecoins comply with GENIUS, but in fact the bill itself does not provide specific rules on how issuers comply - it simply sets an overall framework, and the details need to be filled by regulators through rulemaking. Rulemaking is a huge task for a project, and it is impossible to determine whether a stablecoin is compliant until these rules are completed. The formulation of rules is not a trivial matter, nor is there anyone who can delay it - GENIUS actually needs to wait 120 days after the rules are finalized before it becomes a valid law, and the expected date of the determination is July 18, 2026, which means that the expected effective date of GENIUS is November 15, 2026. Until then, stablecoins will continue to operate in accordance with the regulatory methods of the past one, five or ten years.