Trump signs GENIUS Act into law, legitimising stablecoins

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WASHINGTON: US President Donald Trump signed a law on Friday, which established a regulatory framework for dollar currency currencies, or Establishment-which is an important step towards merging digital assets into daily financial transactions.

Known as the Genesis Act, the legislation had already cleared the Senate and was approved in the House of Representatives through 308-122 votes, which mostly received the support of Republicans and half democratic lawmakers.

The new law indicates an important victory for supporters of cryptocurrency, who have long emphasized clear rules and regulations to help legalize the industry that began in 2009, and then praised rapid innovation and fluctuations.

Trump said in a signing program that included dozens of government officials, crypto executives and legislators, “this signing is a great confirmation of your hard work and important sentiment.” “It’s good for the dollar and it’s good for the country.”

Treasury Secretary Scott Basant said in a statement that the new technology will strengthen the dollar as a global reserve currency, increase access to the dollar’s economy, and increase the demand for US treasury, which will back the Stable Queens.

Stable Queens is designed to maintain a permanent price, usually a US $ 1: 1 pig, and their use has exploded, especially Crypto traders have transferred funds between the token. The industry is expected to enter the mainstream use to send and receive the payment immediately.

Under the new law, Stables needs to support liquid assets – such as the US dollar and the short -term Treasury Bill.

Crypto companies and executives argue that such legislation will enhance the credibility of the Stabbicins and will be more willing to use banks, retailers and consumers to immediately use them for the transfer of funds.

Earlier this year, under the Standard Chartered Bank, under the new law, by 2028, the Stable Quinn Market, which providers Crypto data providers, said it was worth more than $ 260 billion.

According to the Federal Election Commission data, the passage of the law has ended a long lobbying efforts of the industry, which, according to the Federal Election Commission data, donated more than 5 245 million in last year’s election to help Crypto supporters, including Trump.

The Republican president, who started his coin, thanked the executives for their support for the executives during the 2024 presidential campaign, saying, “I have promised that we will bring back American independence and leadership and make the United States a world cryptocurrency, and we have done so.”

Democrats and critics have said that the law should have been stopped by major tech companies from issuing their stables, which can already increase the clutches of the powerful sector, which have strong reservations against money laundering and banned foreign stabbing.

“By shutting down unknown defects and failing to protect the US digital dollar infrastructure, Congress has taken the US financial system to criminals and opposition governments globally,” said Scott Greatkak, deputy executive director of the International US, said Scott Greatk.

Can increase the demand of t bills

Reuters reported in May, that the major US banks are discussing the extension of crypto currencies internally because regulators give strong support to digital assets, but the preliminary initiatives of the banks will focus on pilot programs, partnerships or limited crypto trading.

Several crypto firms, including Circle and Rupa, are looking for a banking license, which will ignore the Banks banks and reduce costs.

Supporters of the bill have said it could potentially give rise to a new source of demand for a short -term US government’s loan, as stabbators would have to buy more loans to back their assets.

Trump has sought a widespread rehabilitation of US cryptocurrency policies to sign an executive order in March.

The president launched a Mimi coin called $ Trump in January and partially owns the Crypto Company World Liberty Financial.