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Rep. Bryan Steil (R-WI) pressed federal regulators during a House Financial Services Committee hearing on December 2, 2025, to deliver rules implementing the GENIUS Act by the July 18, 2026, deadline, warning that delays could undermine the U.S. stablecoin market’s growth amid global competition.
The Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed into law on July 18, 2025, requires agencies, including the Federal Reserve, FDIC, OCC, and NCUA to finalize regulations within one year. These rules would mandate full backing by U.S. dollars or liquid assets, annual audits for issuers over $50 billion in market cap, and guidelines for foreign stablecoins, aiming to boost innovation while protecting consumers.
Steil, who co-sponsored the bill, emphasized timeliness: “I just want to make sure that we get these done on time… 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.” NCUA Chairman Kyle Hauptman affirmed commitment: “You gave us the deadline of July 18. I believe I and my fellow regulators are committed to doing that.” FDIC Acting Chair Travis Hill added that his agency plans to propose rules this month.
The push comes as the stablecoin market surpasses $200 billion in circulation, dominated by Tether and Circle, but with renewed scrutiny over reserves and illicit use. The Treasury sought public comment in October on applying GENIUS abroad, a promising insight into its broad scope. Delays in implementation could cede crucial ground to Europe’s MiCA framework. The MiCA has been in place since June and has already licensed 12 stablecoin issuers.
This hearing follows House passage of the Clarity for Payment Stablecoins Act in July, now pending Senate action. With Trump’s pro-crypto administration, timely rules could unlock billions in tokenized finance.
Bitcoin traded at $87,604 on December 3, up 0.25%.
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