Marking a historic moment for the cryptocurrency industry, US President Donald Trump signed the Genius Law (guiding and establishing American national innovation) this afternoon at a ceremony at the White House.
therefore, Genius is no longer a legislative project, it becomes law. The event, which has been qualified as a “great company,” comes after the House House yesterday approved the initiative with a mandatory 308 votes and approved the initiative against 122 votes.
«This is a truly wonderful day. This afternoon, we signed this historic genius law, taking a huge step towards integrating US domination in global finance and cryptocurrency technology,” Trump said in a speech at the event.
The Genius Act requires that stablecoins be established to maintain the same price as the US dollar (USD), and be supported by liquid assets, including cash and short-term treasure liabilities.
Additionally, emitters will force the release of details about the composition of the reserve to be regularly published and implement measures against money laundering and other risks associated with the use of these cryptocurrencies. So, Strengthen the dollar’s domain and try to boost the safety and use of these assets.
The project had winds in Congress that tried to prevent progress, but achieved the Senate approval last month and the bipartisan efforts yesterday that the Camera culminated in the Presidential Company today.
From his eyes, the president emphasized that “genius law is extremely important.” “Many people thought it was impossible,” he said their opposition legislators explained their efforts to persuade them to their vote in their favor.
The ceremony is scheduled for 2:30pm local time. Famous industry figures attendedlike Brian Armstrong, CEO of Coinbase Cryptocurrency Exchange, shared support through his X account.
This milestone is part of Cryptocurrency Week It was promoted by Republican lawmakers led by Trump. During his campaign, Trump has pledged to make the United States “capital” of Bitcoin and crypto-active ecosystems.
parallel, Yesterday, two projects in the cryptocurrency sector also received approval from cryptocurrency: Clarity, which anticipates a Senate assessment, and anti-CBDCs intended to be included in the National Defense Authorization Bill (NDAA).
Clarity Project makes it clear which digital assets are merchandise y securitiesdistinguishing between the regulatory oversight between the SEC and the CFTC. Meanwhile, as reported by Cryptootics, an anti-CBDC initiative to prevent the issuance of central banks (CBDCs) digital currencies.
«In my first week of office, I signed an executive order to ban the creation of CBDCs in the United States. And soon, I want to sign a law that encodes the creation of the law and prohibits it from making it permanent. I also pledge to sign a historic law this year on the structure of cryptocurrency markets to drive the growth of the industry this year,” Trump said in his speech.
The president also focused on stating that his steps in the sector were still in the early stages.:«We’re going to grow even more than people didn’t think. It’s a booming industry».
He also revealed two nights ago, along with his team, was interested in the fear that the cryptocurrency bill was putting the brakes on the front of the challenge campaign. However, he celebrated this delay and got the approval of most of the camera.
The progress represents a significant shift in relation to former government democratic position Joe Biden, who advocated strict regulations limiting the sector, a partisan gap Trump used to highlight his speech.
«We made a lot of progress from the Biden administration when we didn’t know what you were talking about. And half of you were arrested for no reason,” he told the actor in the cryptocurrency ecosystem.
The Stablecoins market is currently capitalised to over USD 260 million, and is dominated primarily by two assets fixed at the value of the dollar: Tether (USDT) and USD Coin (USDC).
The main purpose of the Genius Act is to protect Stablecoins users from deceptive practices and mitigate the risks associated with money laundering and terrorist financing. Save dollar hegemony In digital transactions against the rise in cryptocurrency adoption.
Similarly, it’s a way to maintain the value of the dollar as emitters such as USDT and USDC have become the major US Treasury bond users.
Thus, it also represents a step towards the battle against the development of cryptoactivs pinned to foreign fier currencies, such as the central bank’s digital currency that it plans to launch from China and the European Union.
The law also aims to encourage capabilities between banks and fintech companies, allowing stables to be issued and/or provided under a clear regulatory framework.
(TagStoTRASSLATE) Cryptocurrency (T) Donald Trump (T) US (T) Latest Legal Frame (T) Stablecoin
