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."
Royal Air Force Typhoon jets have started air-defence patrols over Poland as part of NATO’s Eastern Sentry mission, following recent violations of P...
Thousands demonstrated in The Hague on Saturday demanding stricter migration policies and tougher controls on asylum seekers. Dutch police deployed te...
The north and south towers of Notre-Dame Cathedral in Paris reopened to the public on Saturday, six years after a devastating fire ravaged the cathedr...
In response to escalating tensions with the United States, Venezuelan President Nicolás Maduro has authorized military forces to conduct weapons trai...
Vietnam's Duc Phuc clinched victory at the Intervision 2025 Song Contest in Moscow, while U.S. representative Vassy was disqualified due to political ...
The Trump administration said on Friday it would ask companies to pay $100,000 per year for H-1B worker visas, prompting some big tech companies to warn visa holders to stay in the U.S. or quickly return.
U.S. President Donald Trump said on Friday that the U.S. is in discussions with Afghanistan to re-establish a small military presence at Bagram air base.
President Donald Trump announced on Friday that the U.S. carried out a strike on a vessel in the U.S. Southern Command’s (SOUTHCOM) area of responsibility, resulting in the deaths of three men on board.
President Donald Trump said in the Oval Office that Chinese President Xi Jinping had approved a deal for U.S. firms to acquire TikTok’s American operations, calling an earlier phone call with Xi “very productive” on trade, fentanyl, Ukraine, and the TikTok deal.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
Germany's parliament approved on Thursday the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to an increase in defence spending.
European shares nudged up on Thursday after the U.S. Federal Reserve lowered borrowing costs for the first time since December, while shares of SIG plummeted after the Swiss-based company issued a profit warning.
Meta Platforms on Wednesday launched its first consumer-ready smart glasses with a built-in display, seeking to extend the momentum of its Ray-Ban line, one of the early consumer hits of the artificial intelligence (AI) era.
Entrepreneur Nelson Yang is reaching back into Taiwan's history to turn the humble banana plant into an unlikely sustainable textile. Taiwan is now the world's dominant producer of advanced semiconductors but the yellow fruit, still widely grown on the island, was once a source of patriotic pride.
Google said on Tuesday it would make £5 billion pounds ($6.80 billion) in new investments into Britain ahead of U.S. President Donald Trump's state visit to the country, which is expected to feature a flurry of business deals and partnerships.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment