House administration chair presses regulators to get GENIUS law 'done on time'

Federal regulators are accelerating work on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act after the United States passed its first major crypto law, signaling Washington’s most coordinated push yet to set nationwide standards for stablecoins.

The House Financial Services Committee held an oversight hearing on December 2, where Rep. Bryan Steil (R-Wis.) pressed agency heads for updates on their rulemaking timelines following the bill’s passage over the summer.

Understanding the GENIUS Act

President Donald Trump signed the GENIUS Act into law on July 18, following Senate approval on June 17 and House passage on July 17.

The legislation establishes the country’s first comprehensive federal framework for stablecoins designed to maintain a fixed value by being backed by the U.S. dollar.

The law imposes reserve, supervision, and transparency requirements on issuers, creating uniform federal oversight of the stablecoin market.

Lawmakers Urge Timely Implementation

Rep. Steil urged regulators to meet statutory deadlines, as reported by The Block, telling witnesses:

“I just want to make sure that we get these done on time. I think that’s really important. 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.”

Steil is one of Congress’s most vocal pro-crypto lawmakers. As chair of the House subcommittee overseeing digital assets, he champions clear federal rules to encourage stablecoin issuance and broader crypto innovation, while aiming to keep that activity domiciled in the U.S.

He helped draft and promote legislation such as the GENIUS Act, arguing that stablecoins deserve a defined regulatory framework to protect users, support the U.S. dollar’s global role, and foster financial-tech innovation.

During the hearing, National Credit Union Administration (NCUA) Chairman Kyle Hauptman responded to Steil.

“You gave us the deadline of July 18,” Hauptman told him.

“I believe I and my fellow regulators are committed to doing that. My guess is the first rulemaking you’ll see will be the one on how to apply to be an issuer.”

Committee Ranking Member Maxine Waters (D-Calif.) used her questioning to raise concerns about potential conflicts of interest related to Trump’s business holdings. Waters asked whether a president should be allowed to “own any business where he has a role in regulating them,” including crypto firms or banks.

“I think this represents a massive conflict of interest, and that Congress should act to ensure we have rules set and enforced by those who will not be personally enriched by their public work,” Waters said.