President Donald Trump signed the GENIUS Act into law, the country’s first major cryptocurrency legislation, after personally intervening to get it through the House of Representatives.
Trump joked that Congress named the legislation, which creates the first federal framework for dollar-pegged stablecoins, after him.
The measure, known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, provides those digital currencies with full reserve backing while introducing monthly audits and anti-money laundering compliance so that private companies can issue their own coins and implement them into their payment systems.
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“For years, you were mocked and dismissed and counted out,” Trump said Friday during a signing ceremony at the White House. “This signing is a massive validation of your hard work, and your pioneering spirit, and
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