"This could be perhaps the greatest revolution in financial technology since the birth of the internet itself."
"I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world," Trump said Friday during a signing ceremony for the bill. "And that's what we've done. And under the Trump administration, this is only going further."
Stablecoins are digital currencies tied to stable assets like gold or the US dollar to maintain consistent value. This allows for more 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," Trump added. "This could be perhaps the greatest revolution in financial technology since the birth of the internet itself."
He also reiterated his pledge to not create a Central Bank Digital Currency (CBDC).
The bill includes requirements for monthly public disclosure of reserves and annual audits for issuers with over $50 billion in market capitalization, per the Senate Banking Committee, Fox News reported.
The House approved the act with a bipartisan vote on Thursday in a 308–122 vote after the Senate passed it in June, 68–30. Twelve Republicans opposed the bill during the vote.
"For far too long, America’s digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration’s anti-crypto crusade,” Majority Whip Tom Emmer (R-MN) said on Thursday. "But President Trump and this Congress are correcting course and unleashing America’s digital asset potential with historic, transformative legislation."
The House also passed the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act to expand digital asset regulations and block any CBDC.
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