GENIUS Act: Donald Trump declares bitcoin to be “good for the dollar and signs it into law.
A major step forward for a sector that has made enormous investments to gain credibility and political power was taken on Friday when US President Donald Trump signed into law a new set of rules targetingTo minimize price swings, the recently passed GENIUS Act establishes fundamental guidelines and consumer protections for stablecoin digital currencies that are backed by assets such as digital currencies that are based on assets like the US dollar. According to the Associated Press, there was considerable bipartisan support for the proposal in both the House and the Senate.
The goal of the new law is to increase consumer trust in the cryptocurrency sector, which has rapidly become a significant force in Washington due to substantial campaign contributions and lobbying efforts. Its passage coincides with Trump’s frequent promises to establish the United States as the global “crypto capital.”
“You were ridiculed, ignored, and counted out for years,” Trump said to executives in the cryptocurrency sector during a White House bill signing that drew over 200 attendees, including some of the most prominent Republicans. “This signing is a huge testament to your dedication and spirit of innovation.”
The cryptocurrency sector has long claimed that the administration of former President Joe Biden unfairly singled it out and heavily invested in Trump’s election victory last year.
During his speech on Friday, Trump showered crypto leaders with accolades, claiming that “nobody has gained the respect in such a short period.”
Supporting the bitcoin sector is “good for the dollar, and it’s good for the country,” according to Trump.
“That’s why I supported you early on,” Trump, who had been skeptical of cryptocurrencies until embracing them, remarked. His government has taken a number of proactive measures to support the cryptocurrency sector, such as the Securities and Exchange Commission’s decision to dismiss some enforcement actions against major cryptocurrency firms.
Members of Congress and their families are prohibited from making money off of stablecoins by a clause in the GENIUS Act. However, even as Trump establishes a cryptocurrency company from the White House, the president and his family are exempt from that ban. His family owns a sizable portion of World Liberty Financial, a cryptocurrency initiative that earlier this year introduced its own stablecoin and was given an early push by a UAE investment firm.