U.S. regulators accelerate the implementation of the GENIUS stablecoin bill, with a deadline of July 2026

According to The Block, the U.S. Congress is advancing the regulation of stablecoins, and the implementation of the GENIUS Act has entered a critical phase.

Representative Bryan Steil urged regulators to complete the rule-making process on time during a hearing of the House Financial Services Committee, with a deadline of July 18, 2026. The bill requires stablecoins to be fully backed by U.S. dollars or highly liquid assets and mandates annual audits for large issuers. FDIC Acting Chair Travis Hill stated that a framework implementation plan will be proposed this month. Meanwhile, Democrats expressed concerns about Trump's interests in the World Liberty Financial DeFi project, believing there is a potential conflict of interest.