ALEXANDRIA, Va.--The NCUA submitted a rulemaking pertaining to implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to the Office of Management and Budget Friday, and it is currently pending review. The proposal is currently not public, when approved by OMB it will be published in the Federal Register with a comment deadline, America's Credit Unions said.
The GENIUS Act requires regulators to issue implementing regulations by July 18, 2026, one year after the bill’s enactment.
“We appreciate the NCUA working diligently to implement GENIUS Act provisions, as credit unions need regulatory certainty for there to be a level playing field in this area,” said Scott Simpson, America’s Credit Unions president/CEO. “Credit unions provide safe, trusted financial services to members, and are well-positioned to bring these principles into the digital assets marketplace.”
America’s Credit Unions noted it responded to a Treasury request for comment in November on GENIUS Act implementation, providing specific recommendations to ensure credit union participation in the stablecoin market.