Today, US President Donald Trump will sign the GENIUS Act, which establishes new rules for the cryptocurrency and stablecoin markets.
Signing the GENIUS Act
Bo Hines, Executive Director of the U.S. Presidential Advisory Council on Digital Assets, announced that Trump will sign the GENIUS Act, marking the most comprehensive regulation in cryptocurrency history. Hines emphasized that this move will strengthen the financial independence of the U.S. and secure its leadership position in digital finance.
Contents of the Law
The bill contains essential rules for stablecoin issuers. These digital assets, pegged to $1, are considered fast and cost-effective payment methods. The GENIUS Act requires issuers to collateralize each coin 1:1 with low-risk assets and implement strict anti-money laundering measures.
Future of Stablecoins
In June, U.S. Treasury Secretary Scott Bessent stated that with this regulation, the stablecoin economy could grow from $195 billion to over $2 trillion. Trump's commitment to making the U.S. a 'crypto center of the world' significantly advances his agenda regarding digital assets.
The signing of the GENIUS Act will mark a significant milestone in developing the cryptocurrency market in the U.S., establishing the primary rules for stablecoin issuers and strengthening the country's position in the global financial system.
