President Donald Trump signed the GENIUS Act (Guiding and Establishing Nationwide Innovation for US Stablecoins Act) into regulation on Friday in a reside ceremony. The laws units rules for stablecoins and was handed in a bipartisan vote of 308 to 122.
On the signing ceremony, Trump mentioned he needs to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks mentioned the regulation helps pave the best way for American dominance within the crypto business by “creating clear guidelines of the highway” and updating “archaic” cost methods.
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 regulation that “permitted cost stablecoin issuers” should maintain reserves for each greenback of stablecoins supplied. A reserve may be “any government-issued asset authorized by regulators,” reminiscent of financial institution deposits and short-term treasury payments.
“Congratulations to our GREAT REPUBLICANS for with the ability to accomplish a lot, a file, in so brief a time period,” 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 regulation on Friday in a reside ceremony. The laws units rules for stablecoins and was handed in a bipartisan vote of 308 to 122.
On the signing ceremony, Trump mentioned he needs to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks mentioned the regulation helps pave the best way for American dominance within the crypto business by “creating clear guidelines of the highway” and updating “archaic” cost methods.
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 regulation that “permitted cost stablecoin issuers” should maintain reserves for each greenback of stablecoins supplied. A reserve may be “any government-issued asset authorized by regulators,” reminiscent of financial institution deposits and short-term treasury payments.
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