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 stated he needs to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks stated the legislation helps pave the way in which for American dominance within the crypto business by “creating clear guidelines of the street” and updating “archaic” cost methods.
A stablecoin’s worth is pegged to a fiat foreign money, on this case, the U.S. greenback. Cryptocurrencies like Bitcoin will not be. The GENIUS Act makes it legislation that “permitted cost stablecoin issuers” should maintain reserves for each greenback of stablecoins supplied. A reserve could be “any government-issued asset authorised by regulators,” similar to 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 quick a time period,” Trump wrote on Fact 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 stated he needs to make the U.S. the “crypto capital of the world.” White Home AI and Crypto Czar David Sacks stated the legislation helps pave the way in which for American dominance within the crypto business by “creating clear guidelines of the street” and updating “archaic” cost methods.
A stablecoin’s worth is pegged to a fiat foreign money, on this case, the U.S. greenback. Cryptocurrencies like Bitcoin will not be. The GENIUS Act makes it legislation that “permitted cost stablecoin issuers” should maintain reserves for each greenback of stablecoins supplied. A reserve could be “any government-issued asset authorised by regulators,” similar to financial institution deposits and short-term treasury payments.
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