Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto - CBS News
President Trump signed the country's first major legislation aimed at regulating cryptocurrency on Friday, hailing "the exciting new frontier" for the technology.
cbsnews.com
President Trump on Friday signed the landmark GENIUS Act—the first major federal law to regulate cryptocurrency—calling it an “exciting new frontier” for finance and even joking that “they named it after me.” Backed by a bipartisan House vote (206 Republicans, 102 Democrats) and rescued at the eleventh hour after a dozen holdouts, the bill creates a clear regulatory framework for the $250 billion stablecoin market, complete with consumer protections and a legal definition of what can be called a stablecoin.
Under the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), banks, nonbanks and credit unions can issue stablecoins backed one-for-one by dollars or Treasurys—promising faster, cheaper transactions and a “21st-century upgrade” to the U.S. financial system. Lawmakers also capped off “Crypto Week” in Congress by passing companion measures like the Clarity Act to regulate other digital commodities.
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