After passing the final vote in the House of Representatives on Thursday, the GENIUS Act was enacted into law by President Donald Trump on Friday, July 18. The signing of the Genius Act into law was witnessed at the White House by leading cryptocurrency figures, including Tether (USDT) CEO Paolo Ardoino and Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong.
This landmark cryptocurrency bill will promote the development and adoption of stablecoins in the United States and globally. According to President Trump, at the signing ceremony, the GENIUS Act is a significant milestone for the financial industry.
"This is perhaps the greatest financial technology revolution since the advent of the Internet. Many are saying so," Trump said. "What do you think? If you say 'yes', I say 'yes' too.
What’s Next for Cryptocurrency Under the GENIUS Act
The GENIUS Act was created to regulate the stablecoin market, which has grown to over $264 billion in net worth at the time of writing. A clear legal framework for the stablecoin market will help attract more institutional investors into blockchain technology and the broader cryptocurrency space.
"This clear directive from Congress will also serve as a catalyst for the SEC to issue guidance on how SEC-registered parties can use—and support their customers with—stablecoins for payments. I invite investors and market participants regulated by the SEC to join the Cryptocurrency Task Force on what the Commission needs to do under the GENIUS Act," SEC Commissioner Hester Peirce noted.
The widespread adoption of cryptocurrency assets, through the stablecoin market, will play a crucial role in the ongoing bull market. Furthermore, the stablecoin market is a primary source of liquidity in the cryptocurrency space.