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President Donald Trump signed the GENIUS Act into instrumentality connected July 18, pledging that the measurement volition unafraid “global dominance” successful crypto technology.
The authorities gives the US its archetypal national model for dollar‑backed stablecoins. Trump celebrated the passing of the bill, saying:
“Crypto has gone up much than immoderate stock. Crypto makes the dollar look good. Crypto is bully for the dollar, the nation.”
He added that the GENIUS Act positions the state to pb the assemblage and vowed to o.k. broader crypto marketplace operation authorities earlier the extremity of the year.
Senate Banking Committee ranking subordinate Tim Scott called the statute “regulatory clarity for the stablecoin industry” and said faster, cheaper payments would “solidify the US dollar’s dominance crossed the world.”
Treasury Secretary Scott Bessent echoed the taxable successful an X post, thanking House Republicans for “actions that support the promise” to marque America the “crypto superior of the world.”
Stablecoin framework
The GENIUS Act creates a national model for issuing and overseeing outgo stablecoins.
It assigns the Federal Reserve to licence and supervise national-level, insured depository institutions, portion permitting eligible, state-chartered firms to mint dollar-pegged tokens if they conscionable equivalent standards connected reserves, disclosures, redemptions, and hazard controls.
Issuers indispensable backmost each token with high-quality liquid assets, specified arsenic cash, Treasury bills, oregon different short-dated authorities securities, that lucifer their outstanding liabilities and supply regular attestation reports.
The instrumentality besides directs slope regulators to acceptable introspection schedules, guarantees consumers the close to redeem astatine look worth wrong circumstantial clip frames, and requires that reserve assets stay segregated unless customers springiness explicit consent for rehypothecation.
Last stretch
The House cleared the GENIUS Act 307‑122 connected July 17, 1 time aft adopting a 215‑211 question to reconsider a procedural bundle that combined the GENIUS Act with the CLARITY Act and the Anti‑CBDC Surveillance Act.
Lawmakers archetypal bundled the 3 measures connected July 16 to expedite level action, but that solution did not represent enrollable text. Committee unit past prepared the GENIUS connection arsenic a stand‑alone measure that some chambers could walk successful identical form.
The Senate approved the consolidated mentation precocious connected July 17, completing the bicameral process required for enrollment and presumption to the White House.
The station Trump signs GENIUS Act into law, activating America’s archetypal regulatory model for stablecoins appeared archetypal connected CryptoSlate.
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