#StablecoinLaw
Law requires tokens to be backed by liquid assets
Measure is first major crypto law enacted in US
Some crypto firms look to gain bank licenses
Critics say loopholes in law risk making US haven for criminals
WASHINGTON, July 18 (Reuters) - U.S. President Donald Trump on Friday signed a law to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money.
The bill, dubbed the GENIUS Act, passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate.
