[Warren Urges Implementation of the 'GENIUS Act' to Strengthen Stablecoin Regulation] On October 22, Senate Banking Committee's lead Democrat Warren sent a letter to Treasury Secretary Besent, urging the swift execution of the 'GENIUS Act' to address regulatory gaps in stablecoins. The 'GENIUS Act,' signed by President Trump in July, mandates that stablecoins must be fully backed by U.S. dollars or liquid assets and requires annual audits for issuers with a market capitalization exceeding $50 billion. Warren emphasized that recent technical issues with Paxos led to the accidental minting of $3 trillion PYUSD stablecoins, highlighting operational risks. She called on the Treasury Department to clarify response measures or specify the support needed from Congress.