The signing of the Genius Act marks a significant step towards recognizing stablecoins as legal assets in the United States. This event has already drawn attention from key figures in the crypto industry.
Genius Act: New Legislation
The Genius Act, signed by U.S. President Donald Trump, establishes legal and regulatory frameworks for stablecoins. This move could modernize the money transfer process globally, which has long awaited an update.
Coinbase CEO's Opinion on the New Law
Coinbase CEO Brian Armstrong stated that the law represents a major step towards replacing the outdated financial system. He emphasized that the Genius Act would allow for quicker and more accessible payments, particularly for cross-border transactions.
Future of Cryptocurrency Regulation in the U.S.
Despite the breakthrough, Armstrong called for continued efforts on additional legislative initiatives, such as the Clarity Bill, which aims to cover a broader scope of the cryptocurrency industry. He noted that this legislation is vital for responsible innovation and sustainable growth of the crypto economy in the U.S.
With the passage of the Genius Act, the groundwork for a modern financial system utilizing stablecoins is already being laid. Supported by major industry players, the cryptocurrency market continues to stake its claim as the epicenter of the next financial revolution.
