#StablecoinLaw Donald Trump signed new regulations on Friday for a type of cryptocurrency, a significant milestone for a sector that has heavily invested to strengthen its legitimacy and political power.

The GENIUS Act establishes initial safeguards and consumer protections for stablecoins, which are pegged to assets like the US dollar to reduce price volatility compared to other forms of cryptocurrency. The law was passed by both the House and Senate with broad bipartisan margins.

The new law aims to bolster consumer trust in the cryptocurrency industry, which has quickly become a major power in Washington thanks to enormous campaign donations and lobbying expenses. Its approval comes after Trump has repeatedly promised to make the US the "world capital of cryptocurrency." "For years, you have been ridiculed, rejected, and dismissed," Trump told cryptocurrency industry executives during a bill signing at the White House, attended by about 200 people, including several high-ranking Republican legislators. "This signing is a huge validation of your hard work and pioneering spirit."