PANews July 19 news, White House cryptocurrency and artificial intelligence director David Sacks tweeted, "President Trump signed the (GENIUS Act), which establishes a legal framework for stablecoins. This act will reverse the past four years of 'enforcement-style regulation' by establishing clear rules, thus unlocking the United States' dominance in the cryptocurrency industry. It will replace outdated payment methods with a revolutionary new blockchain-based payment system. Additionally, it will expand the dollar's global dominance by creating a universally accepted digital dollar."