U.S. President Donald Trump has signed the GENIUS bill, providing a legal framework for stablecoins regulation. This event has drawn attention to the future of cryptocurrency policy in the country.
Signing of GENIUS Bill
The GENIUS bill, providing regulations for stablecoins, was signed significantly earlier than expected. Trump expressed a desire to have the bill on his desk by August, prompting faster approval. Despite initial resistance from some Republicans, Trump engaged them to ensure the bill’s passage.
Federal Reserve Announcements
On the same day, Federal Reserve member Goolsbee made statements indicating the importance of the day for financial policy. He suggested that more clarity on tariffs is needed to assess their impact on inflation. Goolsbee indicated a cautious approach towards potential rate cuts.
Impact on the Cryptocurrency Market
Trump firmly stated that the U.S. would not allow the dollar to lose value or risk its status as a reserve currency, equating such losses to losing a war. He committed to signing legislation for the crypto market this year and mentioned an impending executive order to prohibit CBDC.
The signing of the GENIUS bill marks a significant step in creating a regulatory framework for cryptocurrencies in the U.S. Its impact on the market and economic policies is yet to be fully assessed.
