Fed chair Kevin Warsh says Federal Reserve racing to finalize GENIUS Act rules by Saturday

Federal Reserve Chair Kevin Warsh told lawmakers the central bank is "racing" to publish proposed rules required under the GENIUS Act before the statutory deadline on Saturday, one year after the law was signed. Speaking during a House Financial Services Committee hearing on the Federal Reserve’s Semi-Annual Monetary Policy Report, Warsh said he would prefer U.S. banking regulators to issue coordinated proposals rather than separate rulemakings, arguing that simultaneous releases would improve consistency, streamline public feedback and help prevent companies from seeking out the least restrictive jurisdiction. He said regulators should work together to avoid "regulatory arbitrage" as they implement the stablecoin law. Rep. Bryan Steil said Congress expects updates if the Federal Reserve misses the deadline and stressed that timely implementation is important for consumer protections and for giving financial institutions and digital asset companies greater clarity as they prepare to comply. The hearing also covered artificial intelligence, with Warsh saying past technological advances have generally lifted productivity, wages and growth despite short-term disruption, and that the Fed has assembled an external group of experts to study AI’s long-term economic effects.