Fed chair: All-out effort to finalize GENIUS Act rules by Saturday

U.S. Federal Reserve Chairman Kevin Warsh stated that the Fed is working around the clock to finalize detailed regulations for the GENIUS Act before this Saturday. The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) is the first federal law in the United States to define issuance requirements, asset collateral ratios, and consumer protection standards for dollar-pegged payment stablecoins. The legislation is currently in the rulemaking stage, where sub-regulations and specific rules are being established ahead of its full implementation.