๐ข๐ขTrump Signs First US law on Stablecoin, hails it a 'Financial Revolution' ๐๐ฐ
In a major win for the digital asset industry, US President Donald Trump has signed the first federal law aimed at regulating stablecoins, Bloomberg reported. Speaking at a White House ceremony on Friday, Trump described the bill as a โgiant step to cement American dominance of global finance and crypto technology".
Named the Genius Act, the new law creates a clear regulatory structure for stablecoins backed by the US dollar. It requires issuers to maintain dollar-for-dollar reserves in short-term government securities or equivalent assets, all under the oversight of either state or federal regulators.
โThe Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,โ Trump said. โThis could be perhaps the greatest revolution in financial technology since the birth of the internet itself.โ
Trump also appointed venture capitalist David Sacks as the White Houseโs first AI and crypto czar. Earlier this year, he signed an executive order to create a Strategic Bitcoin Reserve and pushed for crypto-friendly regulators while easing investigations into firms like Coinbase and Robinhood.
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