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President Donald Trump On Friday, the Law on the Entry and Establishment of National Innovation for the United States (genius) was signed – a landmark legislation that establishes federal rules related to digital currency.
Trump reminded before signing the bill on how he previously promised to make the US “Crypto Planet” during the main address during the Bitcoin Conference in Nashville, Tennessee, in July 2024, where he stated that his administration will be implemented.
“I promised that we would return American freedom and leadership and make the United States of Krypto – the world,” Trump said on Friday. “And that’s what we did. And the Trump administration is just on.”
StableCoins is a form of digital currency associated with a stable asset as a gold or US dollar that aims to make their prices more consistent.
“Just as I promised last year, Genius Act creates a clear and simple normative basis for creating and solving a huge promise stable,” Trump said on Friday. “It may be perhaps the biggest revolution in financial technologies after the birth of the Internet itself.”
The law on the genius includes provisions that require a monthly public opening, as well as an annual audit financial reporting for issuers from more than $ 50 billion, the Senate Bank Commission reports.
House passes Bill Maxin Waters
President Donald Trump has entered the law of ruling and creating national innovations for the US (brilliant) law – landmark legislation that establishes federal rules related to digital currency.
The House received a brilliant act on Thursday at 308-122 voting The measure cleaned the Senate In June, 68-30 profitability.
“For too long, the digital asset industry in America was suppressed by ambiguous rules, confusing the forced implementation and anti-script-cross campaign of the Baden administration,” said Biden’s press conference on Thursday. “But President Trump and this Congress correct the course and unleash the potential of the digital asset in America with historical, transformation law.”
Despite the two -party implementation and support of the many Democrats, the legislation did not raise the votes from all members of the president.
Vnes announces “Crypto finally my champion” in Trump’s White House
Res. Tom Emery (R-MN) stands at a rally with the participation of US presidential candidate, former President Donald Trump and Vice President of the Republican candidate Senator JD Vance (R-Oh) at the Herb Brooks National Hockey Center on July 27, 2024. (Stephen Maren/Getti Image)
Twelve Republicans voted against this measure, which attracted close attention from legislators, such as a member of the Financial Services Committee, a representative of Maxim Waters, a califf.
“Having passed this bill, the congress will tell the world that Congress is in order with corruption, normally with foreign companies that buy influences, and OK when criminals buy Trump coins to look for pardons and useful treatment,” Waters said on the floor on Thursday.
In addition to the genius law, the House also took two more measures related to the cryptocurrency on Thursday: the Law on the Clear Asset Market (clarity law) for the installation of an additional regulatory basis for digital estimates and the CBDC monitoring law that seeks to stop the Federal Central Bank (CBDC).
Fox News’ Liz Elkind contributed to this report
Res. Maxin Waters (D-CA) asks Finance Minister Scott Bales, as he appears to the House’s Financial Services Committee on May 7, 2025 in Washington.
