US President Donald Trump urged the House of Representatives to pass the GENIUS Act bill as soon as possible without amendments and delays so that he could sign it before August and make the country the absolute leader in the field of digital assets.
The law requires full backing of stablecoins by the dollar or liquid assets, annual audits of issuers with a capitalization exceeding $50 billion, and regulation of foreign issuances of "stablecoins".
The House is advancing its own bill — the STABLE Act. Interest in it may influence the final version of the GENIUS Act if lawmakers want to merge the two documents or prioritize their initiative.
