President Donald Trump Signs the GENIUS Act to Make the U.S. the ‘Crypto Capital of the World’
President Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) into legislation on Friday in a dwell ceremony. The legislation sets rules for stablecoins and became as soon as passed in a bipartisan vote of 308 to 122.
At the signing ceremony, Trump said he wants to agree with the U.S. the “crypto capital of the area.” White Dwelling AI and Crypto Czar David Sacks said the legislation helps pave the model for American dominance in the crypto replace by “growing obvious principles of the avenue” and updating “broken-down” payment programs.
A stablecoin’s mark is pegged to a fiat foreign money, on this case, the U.S. dollar. Cryptocurrencies like Bitcoin are no longer. The GENIUS Act makes it legislation that “accredited payment stablecoin issuers” need to preserve reserves for every dollar of stablecoins offered. A reserve would maybe also be “any authorities-issued asset authorised by regulators,” corresponding to financial institution deposits and quick-term treasury bills.
“Congratulations to our GREAT REPUBLICANS for being in a blueprint to attain a lot, a file, in so quick a timeframe,” Trump wrote on Truth Social Friday.
Ogle the ceremony, right here:
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President Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) into legislation on Friday in a dwell ceremony. The legislation sets rules for stablecoins and became as soon as passed in a bipartisan vote of 308 to 122.
At the signing ceremony, Trump said he wants to agree with the U.S. the “crypto capital of the area.” White Dwelling AI and Crypto Czar David Sacks said the legislation helps pave the model for American dominance in the crypto replace by “growing obvious principles of the avenue” and updating “broken-down” payment programs.
A stablecoin’s mark is pegged to a fiat foreign money, on this case, the U.S. dollar. Cryptocurrencies like Bitcoin are no longer. The GENIUS Act makes it legislation that “accredited payment stablecoin issuers” need to preserve reserves for every dollar of stablecoins offered. A reserve would maybe also be “any authorities-issued asset authorised by regulators,” corresponding to financial institution deposits and quick-term treasury bills.
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