Senate Banking Committee Democratic Leader Senator Warren has written to Treasury Secretary Yellen, urging her to swiftly implement the Stablecoin Innovation Act (GENIUS Act) and address its regulatory gaps. Warren emphasized that the U.S. Stablecoin Innovation Act (GENIUS Act) provides a "lightweight regulatory framework" for encryption banks, and the Treasury must take action to implement and enforce the law to minimize the significant risks it poses to U.S. financial stability, consumers, taxpayers, and national security. The Stablecoin Innovation Act was signed into law by President Donald Trump in July this year, stipulating that stablecoins must be fully backed by USD or similar liquid assets. The law requires issuers with a market capitalization exceeding $50 billion to undergo annual audits and establishes guidelines for foreign issuances. Currently, major U.S. institutions are working to implement the law. One of the primary concerns for Democrats is the stablecoin issue, highlighted by Paxos' recent technical failure that led to the unexpected issuance of $30 trillion in PYUSD stablecoins. Warren stated, "This incident shows that operational failures can pose serious risks to issuers, market integrity, and even financial stability. The Treasury needs to explain to the public how it plans to address these risks, and if it cannot, it must specify what authorities it needs from Congress."