PANews reported on July 19 that according to CCTV News, US President Trump officially signed the "Guidance and Establishment of the United States Stablecoin National Innovation Act" ("GENIUS Act", referred to as the "Genius Act") at the White House, marking the implementation of the US stablecoin regulatory legislation. In his speech, Trump said that he had signed an executive order to establish a federal "strategic bitcoin reserve" and a "national digital asset reserve." At the same time, Trump reiterated that he "will never allow the establishment of a central bank digital currency in the United States."

The U.S. House of Representatives passed the bill on the 17th with 308 votes in favor and 122 votes against. The bill aims to establish a regulatory framework for stablecoins that are "anchored" to the U.S. dollar. However, the bill has been questioned and opposed by some people. Some Democrats believe that the bill fails to provide adequate protection for consumers, national security or financial stability, and accuse the Trump family of having connections with cryptocurrencies.