Catenaa, Wednesday, December 03, 2025- A House Financial Services Committee hearing on Tuesday pressed federal regulators to meet a July 2026 deadline for writing rules under the Guiding and Establishing Innovation for US Stablecoins Act.
The GENIUS Act became law on July 18 and requires agencies to publish rules within one year. Rep. Bryan Steil, R-Wis., asked regulators for updates and said he wanted the work finished on schedule.
The hearing included testimony from leaders at the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration.
FDIC Acting Chair Travis Hill said his agency plans to propose rules this month to begin building a stablecoin oversight framework.
NCUA Chairman Kyle Hauptman said his agency expects its first action to cover applications from possible issuers.
GENIUS directs stablecoin issuers to hold reserves in dollars or liquid assets, submit annual audits if their market capitalization exceeds fifty billion dollars and follow guidelines for foreign issuance.
The Treasury Department has asked for public comment and is shaping its approach.
Lawmakers are also debating a wider crypto regulation bill. The House passed its version, known as Clarity, during the summer.
The Senate is preparing its own measure. Some Democrats raised concerns about President Donald Trump’s business ties to crypto ventures.
Rep. Maxine Waters, D-Calif., asked whether a president should be blocked from owning businesses he regulates.
The agencies said they are working to meet the deadline.
