The U.S. president signed the stablecoin bill into law during a signing ceremony at the White House. With this, the bill officially becomes law, marking the first major regulation that the crypto industry can point to.
Notably, the signing comes just a day after the U.S. House passed the GENIUS Act alongside the CLARITY and Anti-CBDC Acts. The stablecoin bill gained overwhelming bipartisan support, with 308 representatives voting in favor of passing it.
This development follows years of regulatory uncertainty, particularly under the Biden-led administration, which led to a regulation-by-enforcement approach by the U.S. Securities and Exchange Commission (SEC). The SEC, under Gary Gensler, had instituted several actions against crypto firms like Ripple and Coinbase.
Now, stablecoin issuers have regulatory clarity as the GENIUS Act clearly states their obligations and the fact that they must hold 100% reserves equal to the coins in circulation. Trump has also declared that this bill will put the U.S. ahead of China and Europe. At the signing, he also stated that the Act will ensure that the United States achieves global dominance in cryptocurrency technology.
With stablecoin regulation in place, the crypto industry will now turn its attention to the CLARITY and Anti-CBDC Acts, which need to pass in the Senate before reaching the president’s desk.
