U.S. President Donald Trump signed the GENIUS Act into law on Friday, creating the first U.S. regulatory framework for dollar-backed stablecoins and marking a major win for the crypto industry.
U.S. President Donald Trump on Friday signed the GENIUS Act into law, creating the country’s first regulatory framework for stablecoins. The new law requires that U.S.-dollar-pegged digital currencies be backed by real assets and meet transparency standards. It is being hailed as a significant milestone for the cryptocurrency industry.
The signing ceremony took place at the White House, where Trump praised the crypto community for their perseverance and innovation. “This signing is a massive validation of your hard work and your pioneering spirit,” he said.
The bill passed the House of Representatives earlier this week by a vote of 308 to 122, gaining support from most Republicans and nearly half of the Democratic members. The law establishes rules for issuing stablecoins backed one-for-one with U.S. dollars, Treasury bills, and other liquid cash equivalents.
The GENIUS Act is a breakthrough for crypto advocates who have long pushed for clear federal oversight. Stablecoins, which are designed to maintain a fixed value relative to the U.S. dollar, have grown rapidly in popularity. They are widely used by crypto traders to move funds across exchanges, but the industry hopes they will also gain mainstream traction for everyday payments.
Under the new law, issuers of stablecoins will be required to publicly disclose the composition of their reserves on a monthly basis. Trump, who aligned himself with the crypto community during his presidential campaign, said the law would help strengthen the U.S. dollar and position the country as a leader in digital finance.
“Under this bill, the entire ancient system will be eligible for a 21st century upgrade using state-of-the-art crypto technology,” Trump said. “It’s really strengthening the dollar and giving the dollar great prominence.”
Despite strong support from the crypto industry, the law has faced criticism from Democrats and regulatory experts. Some say it lacks sufficient anti-money laundering protections and fails to prohibit foreign or big tech-affiliated companies from issuing their own stablecoins.
Trump, who has since launched his own digital coin, told supporters earlier this year that he would make the United States "the crypto capital of the planet."
A report published by Minval Politika has raised new questions over alleged efforts by Luis Moreno Ocampo to shape international pressure against A...
Start your day informed with the AnewZ Morning Brief. Here are the top storie...
The United Nations has said that at least 21 people have been executed in Iran and more than 4,000 arrested since the outbreak of war involving the...
President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's por...
An initial inquiry into last year’s mass shooting at Bondi Beach has called for a series of counter-terrorism reforms, alongside increased se...
President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's ports with oil companies, a White House official said on Wednesday, as the U.S. renewed its calls for other nations to help open the Strait of Hormuz.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Britain's King Charles and Queen Camilla commemorated victims of the 11 September, 2001, an al Qaeda attack on New York City on Wednesday, laying a floral bouquet at the memorial where the World Trade Centre's twin towers once stood.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 29th of April, covering the latest developments you need to know.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
Mexican special forces arrested Audias Flores, known as “El Jardinero”, a senior commander of the powerful Jalisco New Generation Cartel (CJNG), during an operation in the western state of Nayarit, Security Minister Omar García Harfuch said on Monday (27 April).
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
As the Iran war disrupts global flows of oil and gas and energy prices skyrocket, the Drin River, which descends through the mountains of northern Albania, is acting as a kind of shield.
China has ordered Meta to unwind its more than $2 billion acquisition of artificial intelligence start-up Manus, marking a major escalation in Beijing’s scrutiny of foreign investment in sensitive technology sectors. The order was issued on Monday by the National Development and Reform Commission.
Adidas shares rose after Kenya’s Sebastian Sawe delivered a historic performance at the London Marathon on Sunday (26 April), becoming the first athlete to run an official marathon in under two hours.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment