‘Get these done on time:’ Rep. Steil presses regulators on stablecoin law ahead of July 2026 deadline

During a House Financial Services Committee hearing, Representative Bryan Steil pressed federal regulators from agencies like the Federal Reserve and FDIC on their progress in implementing the Guiding and Establishing Innovation for U.S. Stablecoins Act (GENIUS Act), which became law on July 18. Steil emphasized the importance of meeting the regulatory deadline, which is one year after the law's passage. The GENIUS Act mandates that stablecoins must be fully backed by U.S. dollars or liquid assets, requires annual audits for large issuers, and sets guidelines for foreign issuance. Agencies, including the FDIC, indicated they are moving forward, with the FDIC planning to propose rules this month. The implementation work occurs while Congress debates a broader crypto regulation bill, and Democrats, like Maxine Waters, raised concerns about potential conflicts of interest regarding former President Trump's involvement in crypto ventures.

(Source：The Block)