US President Donald Trump signed the cryptocurrency law, the GENIUS Act, live on air.
The GENIUS Act, one of the legislative packages the House of Representatives approved on Thursday and focusing on stablecoins, was signed into law by Trump. This development marked the first comprehensive legislation in the US addressing the cryptocurrency market.
Economist and author of the Crypto is Macro Now newsletter, Noelle Acheson, described the law as the most important crypto development of the year:
“This is the biggest crypto development of the year. It’s significant enough to be mentioned alongside the SEC change. In a country like the US, which has the world’s largest financial market, this is the first time in history that a crypto-focused law has been enacted. Even in terms of symbolism, this is very exciting.”
Acheson also noted that this law, unlike executive branch regulations, has permanence:
“Because this is a law, future administrations will not be able to easily undo the provisions. Moreover, by then, stablecoins will be so ingrained in the global financial system that opposing them will be futile.”
Meanwhile, the House of Representatives also passed the CLARITY Act, a more comprehensive crypto market restructuring bill. This second bill will now be submitted to the Senate for approval.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/breaking-donald-trump-signs-historic-cryptocurrency-bill/