Congressman expresses concern over progress of stablecoin law implementation in the US

On December 2, the House Financial Services Committee met, where Congressman Brian Steil raised the important issue of implementing the GENIUS Act, a stablecoin law. He called on his colleagues in regulatory agencies to adhere to the established deadlines and share their implementation plans.

GENIUS Act Discussion

At a hearing on simplifying financial regulations and requirements of several regulators, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA), Steil expressed concern that the law, signed into law in mid-July 2025, may not be implemented on time.

The GENIUS Act is a framework document for the stablecoin sector, defining requirements for issuers and asset classifications. The law's provisions are expected to be implemented into regulatory regulations within 12 months, by July 18, 2026. However, Steil noted that there have been instances in the past where adopted regulations remained "on paper."

A Call for Deadlines

"I just want to make sure we get this done on time. I think that's really important. Over the years, we've seen cases in our committee where bills have been passed, but regulations haven't been issued on time," Steil emphasized, expressing hope that regulators will act more expeditiously.

Ahead of the meeting, FDIC Chairman Travis Hill stated that his agency intends to lay the groundwork for implementing the GENIUS provisions by the end of 2025. NCUA Commissioner Kyle Hauptman also noted that the regulator is preparing to adopt the new rules, but did not specify a specific timeframe.

In Conclusion

Thus, Congressman Brian Steil raises the important issue of the need to meet the deadlines for implementing the GENIUS Act, which could have a significant impact on the development of the stablecoin sector in the United States. With growing interest in cryptocurrencies and digital assets, timely implementation of regulations is becoming critical to ensuring the stability and security of the financial system.