Cryptocurrency reporter Eleanor Terrett has shared that President Trump is expected to enact the GENIUS Act today. This marks the beginning of what many are calling a new era for cryptocurrencies. Beyond stablecoins, the law is also aimed at driving a surge of institutional capital toward XRP and the digital asset market in general.
The GENIUS Act, short for "Guaranteed Nationally Issued US Stablecoin," seeks to create the first federally regulated stablecoin system. Essentially, Ripple's RLUSD is expected to serve as the underlying asset in this new financial architecture.
In the hours leading up to the signing, the atmosphere in the crypto communities has become effervescent. Online enthusiasts describe it as a unique moment that could bring the long-awaited financial freedom after years of market volatility.
It is worth noting that the House of Representatives pushed three major cryptocurrency bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. The House passed the GENIUS Act with 308 votes in favor and 122 against, with the support of over 100 Democrats. This initiates a signing ceremony with Trump.
The GENIUS Act allows stable cryptocurrencies like RLUSD. However, the cryptocurrency market in general still needs the final approval of the Senate for the CLARITY Act, which could take several months. Nevertheless, analysts state that the approval of the stablecoin legislation alone creates significant investment opportunities in the meantime.
