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

After passing a major stablecoin bill into law, federal agencies are charging forward to write the rules, intensifying Washington’s latest effort to put rules in place for the digital asset market.

On Tuesday, during a House Financial Services Committee hearing, Rep. Bryan Steil, R-Wis., asked regulators testifying for updates on their progress in implementing the Guiding and Establishing Innovation for U.S. Stablecoins Act, or GENIUS, which was passed into law over the summer. Language throughout the bill says rules have to be put in place a year after GENIUS becomes law, which was passed on July 18.

"I just want to make sure that we get these done on time," Steil said during the hearing. "I think that's just really important. We've seen instances across years in this committee where sometimes bills are passed, [but] we don't see the regulations come out on time."

The hearing was focused on regulatory developments at the Federal Reserve, Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. Ahead of the hearing, FDIC Acting Chair Travis Hill said his agency plans to propose rules this month to establish a framework for implementing the GENIUS Act.

The bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with a market capitalization of more than $50 billion, and establish guidelines for foreign issuance. Since becoming law, agencies such as the Treasury Department have been working on rules and have reached out for public comment on how rules should be applied.

During the hearing, NCUA Chairman Kyle Hauptman said sights were set for the credit union agency's first rulemaking related to GENIUS.

"You gave us the deadline of July 18," Hauptman told Steil. "I believe I and my fellow regulators are committed to doing that. My guess is the first rulemaking you'll see will be the one on how to apply to be an issuer."

Work to implement GENIUS comes as lawmakers are working to pass a larger, more comprehensive bill to regulate the crypto industry overall. The House passed its bill, nicknamed Clarity, over the summer, and the Senate is working on its own version. During discussions for GENIUS and for the larger crypto bill, many Democrats laid out concerns over President Donald Trump's crypto interests and how much he could be profiting from those ventures, including the World Liberty Financial DeFi and stablecoin project, which lists Trump and his three sons as co-founders.

Top Democrat of the House Financial Services Committee Maxine Waters, D-Calif., asked agency heads testifying on Tuesday whether the president should be blocked from "owning any business where he has a role in regulating them," such as a crypto business or a bank.

"I think this represents a massive conflict of interest, and that Congress should act to ensure we have rules set and enforced by those who will not be personally enriched by their public work," Waters said.