The U.S. government is accelerating its efforts to establish nationwide standards for stablecoins, following the passage of a landmark law that will lay the groundwork for their regulation. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was passed into law by President Trump in July, represents the first step toward regulating these digital assets across the nation. House Financial Services Committee Chairman Bryan Steil has urged agencies to finalize the rulemaking process on time, highlighting the importance of timely implementation for stablecoin regulation. The GENIUS Act mandates a federal framework for stablecoins that maintain their fixed value by backing them with U.S. dollars. 1800s’ style law enforcement and government officials are working in tandem to ensure that regulations are released quickly. Steil has been a vocal advocate for the creation of clear federal rules to encourage stablecoin issuance and foster innovation while ensuring stablecoins remain within the United States. In addition, the act imposes strict requirements on issuers including reserve requirements, supervision, and transparency. Steil’s push comes after Rep. Maxine Waters raised concerns about potential conflicts of interest regarding President Trump’s business holdings and how they may affect regulatory decisions regarding cryptocurrencies and financial institutions. 🚨Breaking Crypto Update🚨 National Credit Union Administration (NCUA) Chair Kyle Hauptman assured Steil that the implementation of the GENIUS Act would be completed on time, with the first rulemaking expected to focus on application procedures for stablecoin issuers. This signifies a significant step forward in regulating the digital asset market and promoting financial innovation in America.