According to ChainCatcher, The Block reports that the US Congress is pushing forward with the implementation of stablecoin regulations, and the GENIUS Act is entering a critical phase.
Representative Bryan Steil urged regulators to finalize rules by July 18, 2026, at a hearing of the House Financial Services Committee. The bill would require stablecoins to be fully backed by the US dollar or highly liquid assets and would mandate annual audits of major issuers. Acting FDIC Chairman Travis Hill stated that a framework implementation plan will be presented this month. Meanwhile, Democrats expressed concerns about Trump's interests in the World Liberty Financial DeFi project, arguing for potential conflicts of interest.
