President Donald Trump Officially Signs the GENIUS Act: What Does the Future of Cryptocurrency Hold?
After passing the final vote in the House on Thursday, the GENIUS Act was enacted into law by President Donald Trump on Friday, July 18. The signing of the Genius Act into law was witnessed at the White House by leading cryptocurrency leaders, including Tether (USDT) CEO Paolo Ardoino and Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong.
This groundbreaking cryptocurrency legislation will promote the development and adoption of stablecoins in the United States and globally. According to President Trump, at the signing ceremony, the GENIUS Act is an important milestone for the financial industry.
"This may be the greatest fintech revolution since the advent of the Internet. Many people are saying so," Trump said. "What do you think? If you say 'yes', I say 'yes'.
What's Next for Cryptocurrency Under the GENIUS Act
The GENIUS Act was created to regulate the stablecoin market, which has grown to over $264 billion in net value at the time of this writing. A clear legal framework for the stablecoin market will help attract more institutional investors into blockchain technology and the broader cryptocurrency space.
"This clear directive from Congress will also serve as a catalyst for the SEC to provide guidance on how SEC registrants can use—and support their clients with—payment stablecoins. I invite investors and market participants regulated by the SEC to join the Cryptocurrency Task Force on what the Commission needs to do under the GENIUS Act," said SEC Commissioner Hester Peirce.
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