President Donald Trump signed the GENIUS Act into law, establishing regulations for stablecoins following a bipartisan vote. The act mandates that payment stablecoin issuers hold reserves equivalent to the stablecoins offered, with reserves being any government-issued asset approved by regulators. Trump emphasized the intention to make the U.S. the leading nation in cryptocurrency. White House AI and Crypto Czar David Sacks stated that the legislation would facilitate American dominance in the crypto industry by providing clear regulations and updating obsolete payment systems.
The GENIUS Act makes it law that permitted payment stablecoin issuers must hold reserves for every dollar of stablecoins offered, which can be any government-issued asset approved by regulators.
At the signing ceremony, Trump expressed his desire to make the U.S. the 'crypto capital of the world,' reflecting ambitions to lead in the cryptocurrency sector.
Collection
[
|
...
]