[U.S. Lawmakers Urge Regulators to Implement Regulations for the GENIUS Stablecoin Act on Schedule]
The GENIUS Stablecoin Act, passed in the U.S. this summer, has entered the implementation phase. Federal regulators are advancing the formulation of related rules, aiming to complete them by July 18, 2026. Congressman Bryan Steil urged regulators during a hearing to ensure timely completion to avoid prolonged delays in regulations. The Federal Deposit Insurance Corporation (FDIC) plans to propose a draft of rules related to the GENIUS Act this month, while the National Credit Union Administration (NCUA) stated that the first rule may involve the application process for stablecoin issuers. According to the Act, stablecoins must be fully backed by U.S. dollars or highly liquid assets, and issuers with a market capitalization exceeding $50 billion are required to undergo annual audits. During the hearing, Democratic Congresswoman Maxine Waters questioned potential conflicts of interest involving former President Trump’s participation in cryptocurrency projects.