Regulators are facing growing pressure from Congress to accelerate implementation of the United States’ new stablecoin law, with Rep. Bryan Steil warning that the one-year rulemaking deadline is approaching.

During a House Financial Services Committee hearing on Tuesday, Steil urged agency heads to provide concrete updates on their progress in rolling out the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which President Donald Trump signed into law on July 18.

FDIC to Publish First GENIUS Act Proposal This Month as Multi-Agency Effort Begins

The Genius Act, signed into law on July 18, 2025, is the first U.S. statute to impose a unified federal structure on stablecoin issuers.

The law gives regulators until July 18, 2026, to complete the full set of implementing rules, although the framework will not take effect until the earlier of two dates: January 18, 2027, or 120 days after final regulations are published.

That timeline pressurizes agencies preparing the first wave of proposals.

Steil said the committee has seen cases where Congress passes a bill but implementing regulations arrive late or stall.

Breaking Crypto Update
⁰NCUA Chair @kylehauptman confirms we are on track to implement the GENIUS Act by July 18. pic.twitter.com/Elvgme0f75

— Bryan Steil (@RepBryanSteil) December 2, 2025

He told regulators that delivering the GENIUS Act on schedule is essential, especially as stablecoins play an increasingly important role in global dollar liquidity and digital-asset markets.

During the exchange, NCUA Chairman Kyle Hauptman assured lawmakers that the credit union regulator expects its first GENIUS-related rulemaking to focus on the application process for issuers.

Hauptman said the agencies involved understand the July deadline and are working to meet it.

The hearing brought together leaders from the Federal Reserve, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

In prepared remarks released before the hearing, FDIC Acting Chair Travis Hill said his agency expects to publish its first proposal later this month, establishing the application process for stablecoin issuers supervised by the FDIC.

The Federal Deposit Insurance Corporation will publish its first US stablecoin rule framework later this month.#Stablecoin #FDIChttps://t.co/yuIdMYcRek

— Cryptonews.com (@cryptonews) December 2, 2025

Hill said the FDIC’s responsibilities extend well beyond licensing, noting that the law tasks his agency with defining the capital, liquidity, and reserve standards that bank-issued stablecoins must meet.

He said a separate proposal detailing prudential standards is planned for early next year, setting up a two-step regulatory rollout.

GENIUS Act Moves Forward Alongside CLARITY Act and Anti-CBDC Proposals

The GENIUS Act would require stablecoin issuers to maintain one-to-one backing with U.S. dollars or high-quality liquid assets and introduce annual audits for firms whose tokens exceed a $50 billion market cap.

It also outlines the first federal standards for foreign-issued stablecoins, giving Washington a clearer framework for overseeing offshore projects.

Federal agencies have already begun laying groundwork for implementation.

The Treasury Department has opened multiple public consultations to gather industry input on stablecoin rule designed and how illicit-finance risks should be monitored.

The U.S. Treasury is calling on the public for feedback on how financial institutions can prevent crypto risks as part of the GENIUS Act. #Treasury #GENIUSActhttps://t.co/7Bu5ExndQt

— Cryptonews.com (@cryptonews) August 19, 2025

Treasury Secretary Scott Bessent said the feedback will shape ongoing research into compliance tools, including their effectiveness and privacy impact.

He called the GENIUS Act “essential” to maintaining U.S. leadership in the stablecoin market.

The legislative process, however, continues to feature political flashpoints.

During the latest hearing, Rep. Maxine Waters raised concerns about whether a sitting president should hold business interests in sectors they regulate, referencing President Trump’s link to the World Liberty Financial project.

She said the situation highlights unresolved conflict-of-interest questions that Congress must address.

Regulatory momentum is advancing in parallel with broader market-structure efforts on Capitol Hill.

The House passed its digital-asset package, the CLARITY Act, earlier this year, assigning oversight responsibilities between the Commodity Futures Trading Commission and the Securities and Exchange Commission based on token classifications.

GENIUS Act, Anti-CBDC Act, and CLARITY Act pass crucial procedural vote 215-211 in Congress after Trump's decisive Oval Office intervention rescues stalled crypto agenda.#GeniusAct #Trumphttps://t.co/Lm2tCBbimp

— Cryptonews.com (@cryptonews) July 16, 2025

The bill still awaits Senate consideration, and analysts say its prospects remain unclear.

Another key proposal, the Anti-CBDC Surveillance State Act, is also pending in the Senate.

It would bar the Federal Reserve from issuing a retail central bank digital currency without explicit congressional authorization, a step supporters argue is necessary to safeguard financial privacy.

The post Rep. Steil Demands Regulators Fast-Track GENIUS Act as Stablecoin Law Deadline Looms appeared first on Cryptonews.

According to prepared testimony from Acting FDIC Chair Travis Hill, the agency expects to publish a proposed rule that lays out how stablecoin issuers will apply for federal oversight before the end of December 2025.

What The Draft Will Cover

Based on reports, the initial proposal will focus on the “application framework” — the paperwork, disclosures and standards firms must meet to seek approval as regulated stablecoin issuers.

The proposal is not the final set of bank-level rules; it will outline the process, while a second proposal that spells out capital, liquidity and reserve requirements is slated for early next year.

Market Reaction And Immediate Impact

Reports have disclosed that the GENIUS Act, the law behind this process, named the FDIC as a lead regulator for bank-related stablecoins and set deadlines for implementing agencies to act.

The move is expected to provide clearer guidance for firms that want to issue USD-pegged coins under federal supervision. Some firms could alter their timelines or pause launches until the rules are final.

Stablecoin: How The Law Got Here

The GENIUS Act was passed by Congress in mid-2025 and signed into law by US President Donald Trump on July 18, 2025. The Senate approved the bill by a 68–30 vote and the House backed it 308–122.

The statute lays out which agencies do what, and it requires a sequence of rulemakings, such as capital and liquidity standards, that regulators must implement.

Public Comment Period

Officials say the FDIC’s first proposed rule will be followed by a public comment period, giving industry groups, banks and nonbank firms a chance to respond.

After that, prudential measures aimed at FDIC-supervised issuers — the rules that set minimum capital cushions and reserve asset standards — will be proposed early next year.

Analysts and industry observers will be watching closely to see whether the FDIC limits its oversight mainly to bank-sponsored stablecoins or seeks a broader scope.

They will also pay attention to how strict the capital and liquidity requirements will be when the rules are proposed in early 2026.

Coordination with other regulatory agencies will be another key focus, since the GENIUS Act assigns responsibilities across several federal regulators.

Featured image from Unsplash, chart from TradingView