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.
By Erin Davis
President Donald Trump signed the GENIUS Act (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 bipartisan vote 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 pegged to a fiat currency, in this case, the U.S. dollar. Cryptocurrencies like Bitcoin are not. The GENIUS Act makes it law that "permitted payment stablecoin issuers" must hold reserves for every dollar of stablecoins offered. A reserve 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," Trump wrote on Truth Social Friday.
Watch the ceremony, here:
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