President Donald Trump has signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a landmark piece of legislation establishing federal regulations surrounding digital currency. The bill aims to promote stability in the cryptocurrency market.
Trump previously vowed to make the US “the crypto capital of the planet” during a 2024 bitcoin conference. He said that the GENIUS Act would create a clear and simple regulatory framework for dollar-backed stablecoins, potentially revolutionizing financial technology.
The act requires monthly public disclosure of reserve competition and annual audited financial statements for issuers with over $50 billion in market capitalization. It also passed the Digital Asset Market Clarity Act and Anti-CBDC Surveillance State Act, which aim to add regulatory frameworks for digital assets and prevent central bank digital currencies from jeopardizing individual privacy.
The bill was passed by a 308-122 vote in the House of Representatives and received bipartisan support despite some opposition from Democrats. The Senate Banking Committee spearheaded the legislation, with Trump claiming it would unleash America’s digital asset potential.
Source: https://www.foxnews.com/politics/trump-vows-make-us-crypto-capital-planet-signs-genius-act-law