The GENIUS law was passed by the House of Representatives of the US Congress with 306 votes. It became the first major national law of the new pro-cryptocurrency White House administration that defines the rules for regulating the digital asset market at the federal level.
"Today we are taking a huge step forward to secure the US's leadership in global finance and crypto technologies. GENIUS is now law," Trump stated at the signing ceremony.
The law opens up the possibility for the issuance of private stablecoins for American banks and financial institutions, and also requires issuers of these digital assets to ensure 100% backing with assets such as US dollars or treasury bonds, in conjunction with conducting audits and registering with federal or state regulators.
The solemn ceremony at the White House was attended by heads of major cryptocurrency companies, including Coinbase (NASDAQ:COIN) CEO Brian Armstrong, Circle's Jeremy Allaire, Robinhood (NASDAQ:HOOD) Vlad Tenev, Tether Paolo Ardoino, Kraken Dave Ripley, Gemini Tyler and Cameron Winklevoss, as well as Ripple's Chief Legal Officer Stuart Alderoty.
Earlier, analysts from the CoinGecko platform reported that against the backdrop of positive events, the capitalization of the cryptocurrency market reached a new historical maximum and briefly exceeded $4 trillion.
