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."
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 21st May, covering the latest developments you need to know.
Chinese President Xi Jinping and Russian President Vladimir Putin praised bilateral ties during talks in Beijing on Wednesday, before Putin departed China later in the day.
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The European Union has moved closer to implementing tariff cuts under last year’s U.S. trade agreement after negotiators agreed on a provisional legislative text.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
United Nations World Urban Forum 13 continues in Baku, Azerbaijan on 19 May with sessions and roundtable discussions focused on strengthening dialogue and advancing cooperation in urban development. Organisers say there are nearly 3 billion people globally who face some form of housing inadequacy.
Day four of the World Urban Forum (WUF) in Baku brings a packed agenda on sustainable cities and the global housing crisis, with sessions on green housing, smart cities, public spaces and urban rights taking place on Wednesday (20 May) at Baku Olympic Stadium in Azerbaijan.
At least 21 people have been killed and thousands evacuated after torrential rain triggered flooding, landslides and transport disruption across southern and central China, with authorities warning that more heavy rainfall is expected along the Yangtze River.
Russia’s ambassador to the United Nations Vasily Nebenzya warned on Tuesday (19 May) that Moscow could retaliate against Baltic states if Ukraine launches military drones from that region. Latvia, the United States and Ukraine responded strongly during a UN Security Council meeting.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
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Demand for electric vehicles has surged across Europe as elevated fuel prices linked to the Iran conflict push consumers toward new and second-hand EVs, according to data shared with Reuters. It is providing a boost to an auto industry that has struggled with slower-than-expected adoption.
South Korea’s Samsung Electronics is facing its largest potential labour action in years, with tens of thousands of workers preparing for a prolonged strike over bonuses and profit-sharing at a time when the company is benefiting from a global artificial intelligence (AI) driven chip boom.
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