WASHINGTON (AP) — On Friday, President Donald Trump is set to sign into law a new set of regulations aimed at a type of cryptocurrency, marking a significant step towards legitimizing the emerging industry.
The GENIUS Act establishes initial safeguards and consumer protections for stablecoins, a form of cryptocurrency that is linked to a stable asset like the U.S. dollar to reduce price volatility. The legislation was passed by both the House and Senate with strong bipartisan support.
This initiative is intended to enhance consumer trust in the rapidly expanding crypto sector. Its approval aligns with Trump’s endeavor to position the U.S. as the “crypto capital of the world.”
“Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time,” Trump wrote on his social media site Friday morning as he announced the bill signing.
The House also passed two other bills Thursday that are meant to boost the legitimacy of the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.
