Overview

• The President’s Working Group report urges banking regulators, the SEC and the CFTC to expedite GENIUS Act implementation and finalize a federal licensing framework for stablecoin issuers.
• The report discourages central bank digital currencies in line with Executive Order 14178 and tasks Treasury with advancing cross‑border payment standards to support the dollar and strengthen AML/CFT controls.
• Most substantive rules face a July 18, 2026 deadline, with Treasury, the OCC, the FDIC and the NCUA coordinating an application process for nonbank issuers to become permitted payment stablecoin issuers.
• A Washington Examiner op‑ed calls for closing a perceived loophole by extending the law’s interest ban to affiliates and exchanges that offer “rewards,” citing programs from Coinbase and PayPal.
• Legal analysis highlights that the framework is likely to accelerate fund tokenisation by enabling near‑instant drawdowns and distributions via regulated, fully backed stablecoins with required disclosures.