President Donald Trump officially signs the GENIUS Act: What will the future of cryptocurrency look like?
After passing the final vote in the House of Representatives on Thursday, President Donald Trump signed the GENIUS Act into law on Friday, July 18. The signing ceremony for the Genius Act at the White House saw leading figures in cryptocurrency, including Tether (USDT) CEO Paolo Ardoino and Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong.
This important legislation for cryptocurrency will stimulate the development and adoption of stablecoins in the United States and around the world. According to President Trump at the signing ceremony, the GENIUS Act is a significant achievement for the financial sector.
Trump said: "This may be the greatest revolution in financial technology since the internet. Many say that. What do you think? If you answer yes, I say yes."
What's next for cryptocurrency under the GENIUS Act?
The GENIUS Act was issued to regulate the stablecoin market, which had a net worth exceeding $264 billion at the time of this report. The existence of a clear regulatory framework for the stablecoin market will attract more institutional investors to blockchain technology and the broader cryptocurrency space.
This clear guidance from Congress will also encourage the U.S. Securities and Exchange Commission (SEC) to provide guidance on how its registrants can use stablecoins and support their clients in using them for payments. I urge investors and participants in markets regulated by the SEC to collaborate with the cryptocurrency task force on what the agency should do under the GENIUS Act, according to SEC Commissioner Hester Peirce.
The widespread adoption of crypto assets, through the stablecoin market, will play a key role in the current bull run. Furthermore, the stablecoin market is the primary source of liquidity in the cryptocurrency space.
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