Trump signs ‘Stablecoins Act,' calls it major endorsement of crypto
Trump described the 'Stablecoins Act' as a 'massive endorsement of digital currencies,' adding that they are 'good for the dollar and for America.'
He noted that the value of digital currencies has surged more than most stocks and firmly stated the Federal Reserve would 'never issue a digital currency.' He warned: 'Losing the dollar as a reserve currency would be like losing a war.'
The law, formally named the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), establishes initial regulatory frameworks and consumer protection measures for stablecoins. It was passed with broad bipartisan support in both the House and Senate.
Aimed at boosting consumer confidence in the fast-growing crypto sector, the law comes as Trump pushes to make the US the 'crypto capital of the world,' according to the Associated Press.
Announcing the law on Truth Social Friday morning, Trump wrote: 'Congratulations to our great Republican members for this incredible achievement in record time.'
On Thursday, the House also passed two other bills to strengthen the legitimacy of the crypto industry. One bill creates a new market structure for cryptocurrencies, while the other bans the Federal Reserve from launching a central bank digital currency. Both measures will now go to the Senate.
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