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."
The latest AnewZ investigative documentary examines how Emmanuel Macron’s promise to break with France’s old political habits collided with diplom...
Iranian and Qatari delegations are expected to meet on Wednesday in Doha to discuss the release of Tehran's assets, estimated at $12 billion, that wer...
Pakistan has responded to a deadly Karachi Rangers compound attack with cross-border strikes and diplomatic protests against Afghanistan, signalling a...
A severe heatwave in France has overwhelmed funeral services and mortuary storage facilities, with undertakers reporting they are unable to cope with ...
Greek rescue teams searched on Tuesday after a four-storey apartment building collapsed in the Petralona district of Athens. Four people initially fea...
Donald Trump's attempt to end automatic citizenship for some children born in the U.S. has suffered a major setback after the Supreme Court declined to embrace the central constitutional argument behind his policy.
U.S. President Donald Trump has temporarily suspended certain duties on phosphate fertiliser imports from Morocco, as American farmers face supply shortages linked to recent conflict in the Middle East.
The United States government has urged migrants living under temporary protected status (TPS) to seek permanent residency or prepare to return to their home countries, signalling a tougher approach to immigration policy.
The United States and Iran have agreed to halt strikes against each other, in a potential breakthrough after weeks of escalating tensions. The two sides are expected to meet in Doha on Tuesday to address their dispute over the Strait of Hormuz.
Rescue teams raced on Sunday to find more survivors of the two powerful earthquakes that struck Venezuela this week, with signs of life bringing occasional relief to a grim quest to whittle down a list of tens of thousands missing.
Iranian and U.S. negotiating teams were due in Doha this week, but Iran said on Monday no meeting had been scheduled as weekend missile fire from both sides tested the interim ceasefire to end the four-month-old war.
The U.S. and Iran have agreed to 'stand down' and resume technical talks, allowing vessels allowed to move freely under the interim peace deal, a U.S. official said.
The United States and Iran have agreed to halt strikes against each other, in a potential breakthrough after weeks of escalating tensions. The two sides are expected to meet in Doha on Tuesday to address their dispute over the Strait of Hormuz.
Six adults were killed in a shooting at a youth welfare facility in northern Germany on Monday, with police detaining two people, including the suspected gunman.
Rocket Lab has agreed to acquire Iridium Communications in an $8 billion deal, giving the space company a global satellite communications network and accelerating its expansion beyond launch services. The acquisition marks a major step in its ambition to become a fully integrated space business.
Global equity markets remained on track for one of their strongest quarterly performances in years on Tuesday, lifted by a powerful rally in artificial intelligence-linked stocks, improving investor sentiment and easing geopolitical tensions in the Middle East.
Türkiye’s electronic communications investments hit a record 263 billion lira ($5.6 billion) in the first quarter, marking a 1,300% year-on-year surge driven by 5G auction fees and rollout, according to Transport and Infrastructure Minister Abdulkadir Uraloğlu.
WhatsApp is allowing users to reserve a username as an alternative to exchanging phone numbers to chat on the messaging service.
China has expanded export controls against 40 Japanese companies and institutions, adding 20 entities to its export control list and placing another 20 under heightened scrutiny in a move targeting Japan's defence and industrial sectors.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment