President Donald Trump signed on Friday the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a substantial crypto-based legislation that sets a light-touch regulatory framework on stablecoin issuance.
Trump, who joked the bill was named after him, signed the legislation at the White House with many of his Cabinet members in attendance, as well as lawmakers and leaders in the crypto industry.
“This could be perhaps the greatest revolution in financial technology since the birth of the Internet itself. A lot of people are saying that,” Trump said, before he appeared to ask the Winklevoss twins, who founded a crypto exchange company, Gemini, for their opinion.
Breitbart News witnessed one of the brothers putting his thumbs up, and Trump said, “If you say yes, I’m saying yes.”
Trump emphasized that the United States has an antiquated and out-of-date “technical backbone” for its financial system.
“Under this bill, the entire ancient system will be eligible for a 21st-Century upgrade using the state-of-the-art crypto technology,” he said.
“The GENIUS Act provides banks, businesses, and financial institutions a framework for issuing crypto assets backed one-for-one, with real U.S. dollars, treasury bills, and other cash equivalents,” the president added.
Trump invited AI and Crypto Czar David Sacks to speak at the event as well. Sacks called the legislation “a huge promise made and promise kept.”
“This GENIUS act will unlock American dominance in the crypto industry by creating clear rules of the road. It will update archaic payment rails with a revolutionary new payment system,” Sacks said, “and it will extend U.S. dollar dominance, like you said, globally, by creating a digital dollar that people all over the world can use.”
“And for every digital dollar in a crypto wallet, there’ll be a traditional dollar in a U.S. bank account, which will create trillions of dollars of demand for U.S. Treasury. So that is the power of this bill — is U.S. dollar dominance,” he added.
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