President Trump signed the GENIUS Act, aimed at establishing the US as the leading global hub for Bitcoin and cryptocurrency. This law provides a regulatory framework for dollar-backed stablecoins, promoting innovation and trading in the crypto market. Trump praised the legislation for its potential to revolutionize financial technology. He emphasized its significance during a signing ceremony, connecting it to his prior commitments to secure America's position in the cryptocurrency industry. Additionally, Trump outlined key initiatives from his administration supporting digital assets and stopping government restrictions against crypto.
The GENIUS Act creates a clear regulatory framework for dollar-backed stablecoins, which President Trump called "perhaps the greatest revolution in financial technology since the birth of the internet itself."
While the GENIUS Act doesn't directly address Bitcoin, it establishes regulatory clarity that could benefit all digital assets, creating a better environment for crypto innovation and increasing trading volume on exchanges.
President Trump emphasized, "This is really a big day. This is a very big thing... This is going to make America stronger, and congratulations, it's good for the country."
Trump referenced his commitments to Bitcoin and crypto, stating, "I pledged that we would make the US the crypto capital in the world, and this is only going further."
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