TRUMP SIGNS THE GENIUS ACT: A HISTORIC REVOLUTIONš¢
Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) on Friday, the first major federal legislation on cryptocurrencies. This historic act will position the United States at the forefront of the global digital currency revolution.
The GENIUS Act introduces a light regulatory framework for the issuance of dollar-backed stablecoins. The law assigns oversight of stablecoin issuers to the Federal Reserve and the Office of the Comptroller.
Approved by the House with a bipartisan vote of 308-122 and by the Senate with a vote of 68-30 after months of intense negotiations, it represents a watershed moment. Trump described this moment as "an exciting new frontier" for cryptocurrencies, establishing America as the undisputed leader in the digital currency sector and opening up extraordinary new economic opportunities.