Lawmakers are advancing stablecoin legislation, with the US House of Representatives preparing to review the GENIUS Act as part of an upcoming “Crypto Week” focused on digital asset regulation

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The bill requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and establishes guidelines for foreign issuance.

Lawmakers are quickly moving ahead with stablecoin legislation, with next week designated as "Crypto Week" to consider the GENIUS Act in the House.