US President Donald Trump has signed the GENIUS bill, marking a significant step towards regulating stablecoins in the country.
Signing of the GENIUS Act
On Friday, President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act during a ceremony attended by high-ranking cryptocurrency industry executives and political figures, including Vice President JD Vance and House Speaker Mike Johnson.
Significance for the Crypto Industry
In his remarks, Trump emphasized the importance of the crypto community, stating, "The entire crypto community, for years, you were mocked and dismissed, but this signing is a massive validation of your hard work and pioneering spirit."
Trump's Initiatives in Cryptocurrency
The president also outlined various initiatives aimed at supporting the crypto industry, including pardoning Silk Road founder Ross Ulbricht and establishing a national Bitcoin reserve. He highlighted the need for clear rules to allow the market to confidently adopt emerging technologies.
The signing of the GENIUS Act by Trump is a significant event for the regulation of the crypto industry in the US, which may impact the future of stablecoins and the overall digital asset ecosystem.
