U.S. President Donald Trump urged the House of Representatives to swiftly pass the GENIUS Act so that he can sign it as soon as possible. The bill, which has bipartisan support in the Senate, aims to establish a regulatory framework for US dollar-pegged stablecoins, including requirements that stablecoins must be fully backed by the US dollar or similar liquid assets, annual audits for issuers with a market capitalization exceeding 50 billion, and guidelines for foreign issuers. Trump stated that the bill will make the United States the undisputed leader in the digital asset space, driving large-scale investment and innovation. Meanwhile, the House Financial Services Committee is also advancing its own stablecoin legislation, the STABLE Act, which has not yet been voted on by the full House and may affect the further progress of the GENIUS Act.