"President Trump recently promised to make America the "crypto capital of the world." And his administration is working hard to make that pledge a reality. White House officials have established a working group on digital asset markets and directed federal agencies to craft a strategy to cement U.S. leadership. The president's legislative team, meanwhile, helped push the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act),through Congress earlier this summer, thus creating the first federal framework for stablecoins."
"Big banks and other legacy financial institutions hesitated to adopt cryptocurrencies and the underlying blockchain technology they're based on, even as top financiers acknowledged blockchain's potential to reshape the entire industry. The GENIUS Act represents Washington's first serious attempt to genuinely regulate-rather than ignore or suppress-one of the leading forms of cryptocurrency. The new law requires stablecoin issuers to maintain dollar-for-dollar reserves and submit to audits."
President Trump pledged to make America the 'crypto capital of the world,' and the administration created a working group on digital asset markets and directed federal agencies to craft a strategy to cement U.S. leadership. The president's legislative team helped push the GENIUS Act through Congress, creating the first federal framework for stablecoins, and is advancing the Clarity Act to resolve which regulator oversees digital assets. The GENIUS Act requires stablecoin issuers to maintain dollar-for-dollar reserves and submit to audits. Years of fragmented state and federal guidance produced scams, deterred investors, and kept legacy financial institutions from adopting cryptocurrencies. Crypto leaders welcomed federal oversight and transparent standards to foster mainstream adoption.
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