President Donald Trump Signs the GENIUS Act to Make the U.S. the ‘Crypto Capital of the World’
The landmark cryptocurrency legislation was signed into law by President Trump on Friday.
President Donald Trump signed the (Guiding and Establishing National Innovation for US Stablecoins Act) into law on Friday in a live ceremony. The legislation sets regulations for stablecoins and was passed in a of 308 to 122.
At the signing ceremony, Trump said he wants to make the U.S. the “crypto capital of the world.” White House AI and Crypto Czar David Sacks said the law helps pave the way for American dominance in the crypto industry by “creating clear rules of the road” and updating “archaic” payment systems.
A stablecoin’s value is to a fiat currency, in this case, the U.S. dollar. Cryptocurrencies are not. The GENIUS Act makes it law that “permitted payment stablecoin issuers” must hold reserves for every dollar of stablecoins offered. can be “any government-issued asset approved by regulators,” such as bank deposits and short-term treasury bills.
“Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time,” on Truth Social Friday.
Watch the ceremony, here:
Related: From Tom Brady to Kevin O’Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse
Join top CEOs, founders and operators at the to unlock strategies for scaling your business, boosting revenue and building sustainable success.
President Donald Trump signed the (Guiding and Establishing National Innovation for US Stablecoins Act) into law on Friday in a live ceremony. The legislation sets regulations for stablecoins and was passed in a of 308 to 122.
At the signing ceremony, Trump said he wants to make the U.S. the “crypto capital of the world.” White House AI and Crypto Czar David Sacks said the law helps pave the way for American dominance in the crypto industry by “creating clear rules of the road” and updating “archaic” payment systems.
A stablecoin’s value is to a fiat currency, in this case, the U.S. dollar. Cryptocurrencies are not. The GENIUS Act makes it law that “permitted payment stablecoin issuers” must hold reserves for every dollar of stablecoins offered. can be “any government-issued asset approved by regulators,” such as bank deposits and short-term treasury bills.
“Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time,” on Truth Social Friday.
Watch the ceremony, here:
Related: From Tom Brady to Kevin O’Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse
Join top CEOs, founders and operators at the to unlock strategies for scaling your business, boosting revenue and building sustainable success.
