Donald Trump recently signed the GENIUS Act into law, remarking that "It's a very important act, the GENIUS Act. They named it after me" ¹. This statement was made during a signing ceremony, where Trump officially enacted the bill, which aims to regulate stablecoins in the US ¹ ².
The GENIUS Act, or Guiding and Establishing National Innovation for US Stablecoins Act, introduces stricter regulations for stablecoin issuers, including requirements for 1:1 backing with US dollars or other monetary products ². It also prohibits interest payments on stablecoins and introduces a dual federal and state legal framework to police stablecoin issuers ².
Trump's administration has shown support for the bill, which is seen as a significant step forward for the regulation of stablecoins in the US ¹.
