 
 
U.S. President Donald Trump fulfilled part of his promise to create U.S. crypto regulations on Friday, signing a bill that would formally establish a clear federal regulatory framework for using stablecoins for everyday financial transactions.
This is a historic law for the crypto industry, which has been clamoring for regulatory clarity for years.
Landmark GENIUS Act Becomes Law
At a ceremony held in the White House’s East Room attended by many crypto insiders and high-ranking Republicans, Trump hailed the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act as a major accomplishment of his presidency.
“I pledged that we would bring back American liberty and leadership, and make the United States the crypto capital of the world,” the president said, “and that’s what we’ve done.”
Trump used the chance to spotlight other crypto moves he’s made since assuming office in January, including signing an executive order in March to create a national Bitcoin reserve and a separate digital asset stockpile, along with pardoning Bitcoin icon and Silk Road founder Ross Ulbricht. He also restated his pledge to “cement American dominance of global finance and crypto technology.”
 
The flashy ceremony was attended by several crypto industry executives, including Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Robinhood CEO Vlad Tenev, Tether’s Paolo Ardoino, Kraken’s Dave Ripley, Gemini co-founders Tyler and Cameron Winklevoss, and Ripple’s Chief Legal Officer Stuart Alderoty.
“Let me say, the entire crypto community, for years, you were mocked and dismissed and counted out,” opined Trump. “You were counted out as little as a year and a half ago, but this signing is a massive validation […] of your hard work and your pioneering spirit.”
The president also acknowledged the support of various members of Congress in attendance, alongside members of his Cabinet, saying they were key in pushing the GENIUS Act.
Industry Reaction Is Overwhelmingly Positive
On Thursday, the U.S. House of Representatives passed the GENIUS Act along with two other significant pieces of crypto legislation: the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act. The bill had already been passed in the Senate, clearing the way for the legislation to go to President Trump for his signature.
Many pundits lauded the passage of the GENIUS bill, in particular, as a major win for the crypto industry.
“History in the making. Today I’m at the White House as President Trump signs the GENIUS Act into law — a watershed moment for crypto and the US dollar,” Exodus CEO stated.
“People have no idea what’s coming. Every bank in America will adopt stablecoins. Blockchain rails will become the foundation of modern finance. A new era of open, programmable money is here.”
Source: https://zycrypto.com/historic-moment-for-crypto-as-president-trump-signs-genius-act-into-law-establishing-framework-for-issuing-and-trading-stablecoins/