Trump Signs the GENIUS Act: A New Era of Digital Finance in the United States!
In the early hours of today, the White House witnessed a historic moment for the cryptocurrency world! President Trump officially signed the GENIUS Act, marking the formal establishment of the first federal regulatory framework for stablecoins in the United States. The event was attended by senior government officials and leaders from the cryptocurrency industry, with Trump passionately stating that this is a great revolution in financial technology, and that the act holds immense potential to reshape the global financial landscape.
This act is undoubtedly decisive and forceful:
100% Reserve Requirement — for every stablecoin issued, there must be $1 in cash or short-term government bonds held in reserve, algorithmic stablecoins are outright banned, putting an end to the LUNA tragedy; a monthly disclosure of reserve assets is required, to be supervised by a third-party auditing firm, any thoughts of misappropriating assets will be thoroughly crushed; licensing becomes a matter of life and death, those without federal or state licenses are prohibited from issuing stablecoins, and the state licensing limit is capped at $1 billion, leaving small players looking on helplessly.
Trump did not hide the fact that this act both consolidates the global hegemony of the dollar and provides greater reassurance for ordinary people using digital currencies. Treasury Secretary Basent further pointed out that the global use of stablecoins is essentially equivalent to indirectly purchasing U.S. Treasury bonds, which will further solidify the dollar's dominant position.
Once the act was introduced, Wall Street erupted in excitement. JPMorgan tested deposit tokens on the Base chain, Bank of America quickly followed suit to initiate crypto payments, Standard Chartered also joined the ranks of spot trading, Visa's stablecoin settlement volume surged sharply, and Amazon and Walmart are quietly laying plans to issue digital currencies. Even more notable is that the $8.9 trillion U.S. retirement 401k is closely monitoring this market, and Trump has instructed relevant departments to explore entry pathways.
Of course, the introduction of the act has also sparked some controversy. The risk of monopolies among tech giants has intensified, there may be loopholes in anti-money laundering mechanisms, and the large-scale purchase of U.S. Treasury bonds by stablecoins could lead to turbulence in the Treasury bond market.