President Donald Trump on Friday signed the historic cryptocurrency legislation, dubbed the GENIUS Act, into law, which establishes a regulatory framework for Stablecoins.
The signing comes a day after the House passed the legislation in a rare bipartisan move that saw 102 Democrats vote in favor of the bill, alongside 206 Republicans. The bill passed in a 308-122 split.
The legislation sets “high standards” for cryptocurrency issuers, creates a better and safer framework for cryptocurrency in the U.S. and “limits big tech overreach,” one of the bill’s early Democratic supporters, Sen. Mark Warner claimed in May.
Trump touted the legislation as a “very important act,” which he joked was named after him, and claimed it could be revolutionary, USA Today reported.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself,” Trump said in the signing ceremony. “A lot of people are saying that. What do you guys think? If you say yes, I’m saying yes.”
The House also passed a second, much broader crypto bill called the CLARITY Act on Thursday, which will now go to the Senate.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.
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