"The GENIUS Act creates rules for entities that issue stablecoins, whose value is tied to an asset like the US dollar."
"Trump congratulated members of the crypto industry who attended the signing ceremony at the White House, including the CEOs of Coinbase and Tether."
"He added that he chose to back crypto "at an early stage" because it will make the US dollar stronger."
"The bill passed through both chambers of Congress with bipartisan support, with backers saying it creates necessary safeguards."
The GENIUS Act, recently signed into law by President Trump, creates a regulatory framework for stablecoins, digital currencies linked to assets like the US dollar. This legislation sets rules on who can issue stablecoins, mandates reserve maintenance, establishes protocols in case of bankruptcy, and aims to prevent money laundering. Trump lauded the legislation as a significant victory for the crypto community and positioned it as a contrast to the Biden administration's stance on the industry. The bill achieved bipartisan support, reflecting broad acceptance in Congress.
Read at The Verge
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