🇺🇸 Trump signed the GENIUS stablecoin law.
U.S. President Donald Trump signed the GENIUS law, establishing a regulatory framework for stablecoins. This is the first major cryptocurrency law to take effect nationwide.
"Today we are taking a giant step, solidifying America’s dominance in global finance and crypto technologies," Trump stated at the signing ceremony. He also called the adoption of GENIUS an "important achievement" for the industry and joked that the law was "named after him."
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) requires stablecoin issuers to be fully backed by U.S. dollars or other liquid assets, and to undergo annual audits for projects with a market capitalization above $50 billion. The document also outlines rules for issuing stablecoins outside the U.S.
GENIUS was approved by Congress on July 17, after which it was sent to the president for signing. The signing ceremony was attended by Tether's CEO Paolo Ardoino and Coinbase's CEO Brian Armstrong.
