President Donald Trump signed the GENIUS Act into law, marking a historic moment for the crypto industry by establishing a regulatory framework for stablecoins. The legislation sets guidelines on who can issue stablecoins, reserve maintenance, bankruptcy protocols, and anti-money laundering measures. Trump praised the crypto community and highlighted his support compared to the previous administration. The bill passed with bipartisan backing but faced criticism regarding consumer protection and potential conflicts of interest, especially concerning Trump’s family ties to a crypto firm launching its own stablecoin. Amid the signing, Trump also deflected attention towards allegations against his predecessor.
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