Trump signs GENIUS Act, creating new era for digital assets
Donald Trump, President of the United States (flickr by White House)
US President Donald Trump has signed a cryptocurrency regulation law, known as the GENIUS Act, CBS News reports.
The new bill will become the first large-scale regulatory act in US history to govern the field of digital currencies. The document establishes a legal framework for the functioning of the stablecoin market, which is currently estimated at 250 billion dollars.
Stablecoins are considered a relatively stable type of cryptocurrency, as their value is pegged to assets such as the US dollar. The bill was approved by both the House of Representatives and the Senate.
"We worked hard. It's a very important act, the GENIUS Act. They named it after me. I want to thank you. This is a hell of an act," Trump said.
The signing ceremony was attended by lawmakers as well as executives from major companies, including Robinhood, Tether, Gemini, and other players in the crypto and fintech industries.
"Just as I promised last year, the GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be, perhaps, the greatest revolution in financial technology since the birth of the Internet itself. A lot of people are saying that," the US president stated.
According to him, GENIUS allows banks and financial institutions to issue stablecoins fully backed by US dollars and treasury securities, which, in Trump's view, will strengthen the position of the dollar.
Cryptocurrency reserve
In early March, the President of the United States instructed his administration to begin working on the formation of a cryptocurrency reserve.
It is expected that this reserve will include cryptocurrencies such as XRP, SOL, and ADA.
