Africa-Press – Eritrea. US President Donald Trump signed landmark crypto legislation into law Friday, establishing the first federal regulatory framework for stablecoins.
Trump, a former crypto skeptic, has sought to recast himself as a crypto defender in his second term, pushing lawmakers to pass legislation to bolster the US’ standing in the digital market.
“This afternoon, we take a giant step to cement the American dominance of global crypto technology as we sign the landmark GENIUS Act into law. So congratulations to everybody. It’s a big deal,” he said at a White House signing ceremony with members of the crypto industry in attendance.
“I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that’s what we’ve done. And under the Trump administration, this is only going further, you’re going to do really well,” he added.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act cleared the Senate last month, but headed to Trump’s desk to be signed into law after the House of Representatives voted 308-122 to approve the legislation on a bipartisan basis Thursday.
The law makes it easier for banks to issue stablecoins, or cryptocurrencies pegged to an asset like the US dollar. It also seeks to increase the transparency and accountability of the stablecoin market.
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