Trump Signs GENIUS Act to Fortify Crypto Industry
President Donald Trump is set to sign into law the GENIUS Act, introducing regulations aimed at legitimizing the cryptocurrency industry. The act provides initial protections for stablecoins, seeks to enhance consumer confidence, and includes measures to advance the U.S. as a leading crypto hub.
- Country:
- United States
On Friday, President Donald Trump will enact the GENIUS Act, a significant piece of legislation that will introduce new regulatory measures for the cryptocurrency industry.
The GENIUS Act focuses primarily on stablecoins, cryptocurrencies pegged to stable assets like the U.S. dollar to minimize price fluctuations. This legislation passed through the House and Senate with strong bipartisan support.
The act aims to boost consumer trust in the swiftly expanding crypto sector. Its approval aligns with Trump's vision to position the United States as a global leader in cryptocurrency. Additionally, the House approved two more bills designed to reinforce the crypto industry's framework, which will now advance to the Senate.
(With inputs from agencies.)
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