GENIUS Act becomes law as Trump approves cryptocurrency regulation

President Donald Trump on Friday signed a law for the establishment and establishment of the National Innovation for the American Stabecrims (Genius) Act – a landmark piece of a law that establishes the federal rules around the digital currency.

Before signing the bill, Trump remembered how he first vowed to create a “Crypto Capital of the Planet” during a bitcoin conference in Nashville, Tennessee, in Tennessee in July 2024, where he said that the rules will be implemented, who will implement their administration “who will be written by those who love your industry, not to love your industry.”

Trump said on Friday, “I pledged that we would bring back American independence and leadership and make the United States the world’s crypto capital.” “And that’s what we have done. And under the Trump administration, it is only going forward.”

Stablecoins are a form of digital currency tied to stable property like gold or US dollar, which aims to keep their prices more consistent.

Trump said on Friday, “As I promised last year, the Genius Act has created a clear and simple regulatory framework to establish and establish the immense promise of dollar-supported stabecoin.” “This can probably be the biggest revolution in financial technology since the birth of the Internet.”

There are provisions included in the Genius Act, which requires monthly public disclosure of reserved competition, as well as the annual audited financial statements for issuers with more than $ 50 billion in market capitalization, which led the law.

House Pass Bill Maxin Waters called ‘A full -scale crypto con’

The House passed the Genius Act by 308–122 votes on Thursday, after that The remedy approved the Senate By a margin of 68–30 in June.

“For a very long time, the US digital assets industry has been influenced by unclear rules, confusing the enforcement and the anti-Crypto crusade of the biden administration,” R-Mine said, “R-Mine.” But President Trump and these Congress are correcting the syllabus and this Congress is exposing America’s Digital Promotion Promotion with Historical, Conversion Laws. ”

Despite bipoled and support from a host of Democrats, the law did not raise votes from all members of the President’s party.

Vance announced ‘a champion at the end of Crypto’ at Trump White House

Twelve Republican voted against this remedy, which raped the House Financial Services Committee Ranking. The investigation has been attracted from MPs like Maxin Waters, D-Calif. Trump caused struggle to promote a digital currency called Trump-due to the concerns of K-B-onion.

Senate passed the Landmark Crypto Act as banking president, ‘Historical Day’

Waters said on the floor of the House on Thursday, “By passing this bill, the Congress must be telling the world that the Congress is fine with corruption, is fine with buying influence with foreign companies, and fine with criminals.

In addition to the Genius Act, the House on Thursday passed two other measures related to Cryptocurrency: Digital Asset Market Clarity Act (Clarity Act) to establish some additional regulatory framework for digital assets, and Anti-CBDC Monitoring State Act, which aims to stop the Federal Reserve from the Central Bank Digital Currency (CBDC), and promote their removal Have to give

Fox News’ Liz Elkind contributed to this report