President Donald Trump has signed the GENIUS Act, introducing new rules for stablecoins and marking Congressional attempts to regulate cryptocurrencies.
Signing of the GENIUS Act
President Trump signed the GENIUS Act on Friday at the White House, allowing for a legal framework for stablecoins. This event marks a significant step towards official cryptocurrency regulation.
Support from Republicans and Crypto Executives
The signing was attended by Republican lawmakers and crypto industry leaders. Trump emphasized that the law is a validation of their hard work and a push for crypto investment ahead of the 2024 elections.
Criticism from Democrats
Despite the support, the bill faced criticism from Democrats, particularly Senator Elizabeth Warren, who expressed concerns over potential conflicts of interest, arguing that it could exacerbate corruption.
The signing of the GENIUS Act signifies an important step towards regulating cryptocurrencies in the U.S., although the established framework has raised concerns among legislators.
