President Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) into law on Friday in a live ceremony. The legislation sets regulations for stablecoins and was passed in a bipartisan vote of 308 to 122.
At the signing ceremony, Trump said he wants to make the U.S. the “crypto capital of the world.” White House AI and Crypto Czar David Sacks said the law helps pave the way for American dominance in the crypto industry by “creating clear rules of the road” and updating “archaic” payment systems.
A stablecoin’s value is pegged to a fiat currency, in this case, the U.S. dollar. Cryptocurrencies like Bitcoin