The GENIUS Act establishes a regulatory framework for dollar-backed stablecoins, aiming to enhance the U.S. position in the global crypto landscape.
President Donald Trump signed the GENIUS Act into law, creating a regulatory framework for dollar-backed stablecoins. The legislation aims to foster innovation in digital assets and position the U.S. as the global crypto capital. Trump emphasized its potential to modernize financial systems and increase trading volume on exchanges, while reaffirming his opposition to central bank digital currencies. David Sacks highlighted the act's role in establishing clear rules for the crypto industry.