President Donald Trump signed the GENIUS Act (Guiding and Establishing Nationwide Innovation for US Stablecoins Act) into legislation on Friday in a reside ceremony. The laws units laws for stablecoins and was handed in a bipartisan vote of 308 to 122.
On the signing ceremony, Trump mentioned he desires to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks mentioned the legislation helps pave the way in which for American dominance within the crypto trade by “creating clear guidelines of the highway” and updating “archaic” fee programs.
A stablecoin’s worth is pegged to a fiat forex, on this case, the U.S. greenback. Cryptocurrencies like Bitcoin aren’t. The GENIUS Act makes it legislation that “permitted fee stablecoin issuers” should maintain reserves for each greenback of stablecoins provided. A reserve might be “any government-issued asset authorized by regulators,” resembling financial institution deposits and short-term treasury payments.
“Congratulations to our GREAT REPUBLICANS for having the ability to accomplish a lot, a report, in so quick a time frame,” Trump wrote on Reality Social Friday.
Watch the ceremony, right here:
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President Donald Trump signed the GENIUS Act (Guiding and Establishing Nationwide Innovation for US Stablecoins Act) into legislation on Friday in a reside ceremony. The laws units laws for stablecoins and was handed in a bipartisan vote of 308 to 122.
On the signing ceremony, Trump mentioned he desires to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks mentioned the legislation helps pave the way in which for American dominance within the crypto trade by “creating clear guidelines of the highway” and updating “archaic” fee programs.
A stablecoin’s worth is pegged to a fiat forex, on this case, the U.S. greenback. Cryptocurrencies like Bitcoin aren’t. The GENIUS Act makes it legislation that “permitted fee stablecoin issuers” should maintain reserves for each greenback of stablecoins provided. A reserve might be “any government-issued asset authorized by regulators,” resembling financial institution deposits and short-term treasury payments.
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