US lawmakers urge regulators to implement stablecoin regulations before the July 2026 deadline

Jinse Finance reported that the "GENIUS Stablecoin Act" passed in the United States this summer has entered the implementation phase, with federal regulatory agencies advancing the formulation of supporting rules, aiming to complete them by July 18, 2026. Congressman Bryan Steil urged regulators at a hearing to "finish on time" to avoid prolonged delays in the introduction of regulations. The FDIC stated that it will propose a draft rule related to GENIUS this month, while the NCUA said the first rule may be the application process for stablecoin issuers. GENIUS requires that stablecoins must be fully backed by US dollars or highly liquid assets, and mandates that issuers with a market capitalization exceeding $5 billion undergo annual audits. During the hearing, Democratic congresswoman Maxine Waters also questioned the potential conflict of interest involving President Donald Trump’s participation in crypto projects.