Trump Announces Signing of Genius Stablecoin Act Today: Stay Tuned for the Big Signing 🖊️
US President Donald Trump announced the signing of the Genius Stablecoin Act today, after its passage by the US House of Representatives. 🏛️
Trump tweeted on his Truth Social account: "Stay tuned for the big signing today at 2:30 PM Washington time at the White House. Congratulations to our great Republicans for being able to accomplish so much in such a short period of time. All the Democrats do is complain, criticize, and accomplish nothing. They are the party of the past. 🕰️ 🥳
The U.S. House of Representatives voted 215 to 211 to advance and subsequently vote on the Guiding and Establishing National Innovation for U.S. Stablecoins Act (also known as the GENIUS bill), which would create a regulatory framework for stablecoins. 🗳️
The GENIUS bill relates to the issuance and exchange of stablecoins, a form of cryptocurrency backed by another currency, such as the dollar, or a commodity like gold. 💵 🪙
Stablecoins are designed to be less volatile than other forms of cryptocurrency, which can experience significant price fluctuations. 📉
Source: Trump's Truth Social account 🐦"