US President Donald Trump has signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law creating the first federal regulations for cryptocurrencies
The historic piece of legislation will pave the way for the United States to lead the global digital currency revolution.
As he signed the bill on Friday, Trump said: “I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world”
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He added: “And that’s what we’ve done. And under the Trump administration, this is only going further.”
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Infowars reports: Stablecoins are digital currencies whose value is tied to stable assets such as gold or the US dollar. This allows them to maintain a consistent value and therefore increase stability in the cryptocurrency market.
“Just as I promised last year, the GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoin,” the President added.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
The President also vowed again not to create a central bank digital currency (CBDC), which many fear could be used as a new form of mass surveillance, with the potential to limit individual freedom of choice and allow the government to monitor all transactions an individual makes.
On Monday, Bitcoin hit a new high of $120,000, as its long surge continued.
The world’s largest cryptocurrency hit $121,207.55 before falling to $120,856.34.
