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**Trump Signs GENIUS Act, Launching First Federal Crypto Regulation**
In a landmark move, President Donald Trump has signed the GENIUS Act into law, marking the first major federal crypto regulation in the United States. This legislation sets a clear regulatory framework for stablecoin issuers operating within or distributing to U.S. markets.
As part of the new regulations, all stablecoin issuers must now fully back their assets with U.S. dollars or equivalent liquid assets. Additionally, companies with a market capitalization exceeding $50 billion will be required to undergo annual audits and adhere to transparency standards. This move aims to enhance stability and promote consumer trust in the growing digital asset market.
The GENIUS Act also establishes new compliance expectations for foreign stablecoin issuers operating outside of the U.S. but distributing their assets within its borders. This development seeks to align with global regulatory best practices, fostering a more secure and transparent environment for all stakeholders involved.
In his signing remarks, Trump emphasized the need for a clear direction on crypto policy. He highlighted the importance of establishing a consistent regulatory approach, separating the U.S. from inconsistent approaches taken by previous administrations.
Industry leaders in attendance at the White House signing ceremony praised the significance of this legislation, noting its potential to pave the way for further crypto-related bills advancing through Congress. The passage of GENIUS Act follows an earlier legislative move by Trump, repealing a crypto tax rule involving custodial brokers.
This combined effort signifies growing bipartisan consensus on digital asset regulation.
Source: coincentral.com
