Trump Enacts Law to Strengthen U.S. Crypto Dominance
(MENAFN) US President Donald Trump officially signed into law a groundbreaking piece of crypto legislation on Friday, marking the creation of the first-ever federal regulatory framework for stablecoins.
In a shift from his earlier skepticism towards cryptocurrency, Trump has positioned himself as a staunch advocate for digital currencies in his second term, urging lawmakers to pass critical legislation to fortify the United States’ leadership in the global digital marketplace.
"This afternoon, we take a giant step to cement the American dominance of global crypto technology as we sign the landmark GENIUS Act into law. So congratulations to everybody. It's a big deal," Trump declared during a White House ceremony, where several figures from the crypto industry were present.
"I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done. And under the Trump administration, this is only going further, you're going to do really well," he continued.
The GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins—secured Senate approval last month. However, it reached Trump’s desk for signing after passing the House of Representatives on Thursday by a bipartisan vote of 308-122.
The newly signed law facilitates easier issuance of stablecoins by banks, which are cryptocurrencies pegged to assets like the U.S. dollar. In addition, it aims to increase transparency and enforce stronger accountability within the stablecoin sector.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
