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The President of the United States, Donald Trump, has signed a law to create a regulatory framework for stablecoins. This could pave the way for the regular use of US dollar-backed cryptocurrencies for making payments and transferring money.
The bill, also known as the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), was approved by the House of Representatives with 308 votes in favor and 122 against, after being previously approved by the Senate.
"The GENIUS Act, they named it in my honor," Trump said during the bill signing ceremony at the White House, which was attended by some government officials, legislators, and leaders from the cryptocurrency sector.
"It is good for the dollar and for the country. That's why I supported you from the beginning. And I did it for the votes as well," he added, referring to the cryptocurrency sector.
This law represents a significant victory for the cryptocurrency industry and its supporters, who have long fought for such legislation to legitimize the use of cryptocurrencies and make banks, merchants, and consumers more inclined to use them.
The industry donated over 245 million dollars in last year's elections to support pro-crypto candidates like Trump.