Foresight News reports that Trump has officially signed the (GENIUS Act) at the White House, marking the first establishment of a stablecoin regulatory framework in the United States.
Experts point out that the U.S. is pushing for stablecoins to leverage the existing advantages of the dollar and maintain its dominant position in the global currency and payment system. Some believe this move could alleviate pressure on U.S. debt. However, some Democratic lawmakers question the bill's failure to provide adequate consumer and financial stability protections and point out connections between the Trump family and cryptocurrencies. Some Republican lawmakers also feel that the bill conflicts with Trump's previous executive order banning central bank digital currencies.