TechFlow, on December 3, according to The Block, Congress is advancing the implementation of stablecoin regulation, with the GENIUS Act entering a critical phase. Representative Bryan Steil urged regulators during a House Financial Services Committee hearing to meet the rulemaking deadline set for July 18, 2026. The bill requires stablecoins to be fully backed by U.S. dollars or highly liquid assets and mandates annual audits for large issuers. FDIC Acting Chairman Travis Hill stated that a framework for implementation will be proposed this month. Meanwhile, Democrats have expressed concerns over Trump's financial interests in the World Liberty Financial DeFi project, citing potential conflicts of interest.
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