U.S. lawmakers urge regulators to implement stablecoin regulations before the 2026 deadline

The "GENIUS Stablecoin Act" passed in the United States this summer has entered the implementation phase, with federal regulators advancing the formulation of supporting rules, aiming to complete them by July 18, 2026.

Congressman Bryan Steil urged regulators at the hearing to "complete on time" to avoid long delays in the introduction of regulations. The FDIC stated that it will propose a draft of the GENIUS-related rules this month, while the NCUA mentioned that the first rule could be the application process for stablecoin issuers. GENIUS requires that stablecoins must be fully backed by U.S. dollars or highly liquid assets and mandates annual audits for issuers with a market capitalization exceeding $50 billion. During the hearing, Democratic Congresswoman Maxine Waters also questioned the potential conflict of interest regarding President Donald Trump's involvement in cryptocurrency projects.