According to BlockBeats, on July 19, US President Trump officially signed the Guidance and Establishment of a National Stablecoin Innovation Act, also known as the Genius Act, at the White House, which means that the first federal legislation on cryptocurrency regulation in history has officially come into effect.
The bill sets stricter requirements for the regulatory standards of stablecoins: issuers need to provide 1:1 reserve support with liquid assets such as US dollars and short-term Treasury bonds, and disclose the reserve composition on a monthly basis. From now on, stablecoins are no longer experiments in the gray area, but "official monetary tools" that will be written into US law and endorsed by the state.
