Donald Trump’s Genius Act: Major Crypto Bill for Stabelin was passed in the US; What do you know here
US President Donald Trump signed the “Genius Act” on Friday, the purpose of a new law is a significant step towards bringing validity and inspection to the Cryptocurrency industry, with the aim of regulating the payment stabecoin. The law, officially represents a major policy change for digital assets in the US, titled “Guiding and Installing National Innovation for US Staboins”. The new law received strong support in both the House and the Senate, which passes with widespread bilateral support.Speaking at the Signature ceremony of the White House, around 200 people attended, including prominent crypto authorities and top Republican MPs, Trump called the law a “large verification” of industry efforts.He said, “You were mocked and rejected and counted,” he told the attendees.The US President said, “This signature is a great verification of your hard work and your leading spirit.”Later, taking Truth Social, he wrote, “I pledged that we would bring back American freedom and leadership and make America the world’s crypto capital-the Genius Act creates a clear and simple regulatory structure to establish and open the immense promise of dollar-supported stabilcoins …”
What is the talented act of Trump?
“Establish and establish national innovation for US stabelines” is a set of Genius Act regulatory framework, aimed at establishing oversite and consumer security for stabecoin, a traditional property -related cryptocurrency to reduce the price volatility. This reduces basic rules for stabeloin issuers, aimed at improving consumer confidence in a section of Crypto, which has seen explosive growth according to AP.The new law is a big step for an industry that has quickly achieved political influence in Washington, thanks to heavy lobbying and campaign donation.
Political attitude
A remarkable provision in the new law, according to AP, prevents Congress members and their families from closing stabechines, which is a step to address concerns over the conflict of interest.However, the ban does not apply to the President or his family. Trump’s family is known for holding a significant stake in the World Liberty Financial, a Crypto firm that launched its own Stabecin earlier this year, with the United Arab Emirates back to part by an investment fund.The House also upgraded two additional crypto-related bills on Thursday. One proposes a new market structure for a comprehensive cryptocurrency location, while the other wants to prevent the Federal Reserve from issuing the central bank digital currency. Both measures are now waiting for the idea in the Senate.
