President Trump signs the GENIUS stablecoin act into law, which has just become the first major crypto legislation in the US.
In a seminal development, President Trump has now officially signed the GENIUS stablecoin act, more formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, into law. This marks the first time the US has enacted a significant crypto-focused law.
The legislation stumbled earlier this week when some House members raised concerns regarding the supposed lacunae within the GENIUS stablecoin act, including its failure to safeguard self-custody of crypto assets, as well as the lack of a formal preclusion of a Central Bank Digital Currency (CBDC).
President Trump then invited some of the discenting members to the White House, ultimately managing to win over 11 out of the 12 additional Congress members required to ensure the passage of the act.
