Trump Signs GENIUS Act Into Law, Regulating Cryptocurrencies

President Donald Trump signed a new set of regulations into law on Friday, aiming to legitimize the burgeoning cryptocurrency industry. The GENIUS Act establishes initial guardrails and consumer protections for stablecoins, a type of cryptocurrency tied to a stable asset like the U.S. dollar to reduce price volatility.

The measure passed both the House and Senate with wide bipartisan margins, aimed at bolstering consumer confidence in the rapidly growing crypto sector. Trump has made it his mission to make the U.S. the "crypto capital of the world."

"Congratulations to our GREAT REPUBLICANS for being able to accomplish so much, a record, in so short a period of time," Trump wrote on social media as he announced the bill signing.

The House also passed two other bills Thursday aimed at boosting the legitimacy of the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.