President Signs GENIUS Act, Crypto Industry Sees Significant Developments and Concerns Emerge
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Trump Signs GENIUS Act, Crypto Hacks Hit $72M & Banks Enter
In a historic move, President Donald Trump has officially signed the GENIUS Act into law, making it the first crypto-focused legislation in U.S. history. The bill establishes a national framework for stablecoins and requires annual audits and stricter oversight of foreign issuers. Companies holding over $50 billion in stablecoins will also need to comply with regular audits.
The signing ceremony saw Trump praise the bill, stating that this move would help the United States lead global finance and crypto innovation. He also took aim at the previous administration, claiming they did not understand cryptocurrency and unfairly targeted innovators.
Industry leaders have hailed the decision as a significant step forward for the industry, saying it could bring more financial institutions and businesses into the stablecoin space. This development has sparked predictions that the market will grow from $260 billion to $2 trillion by 2028.
However, not everyone is pleased with the outcome. Democrats have expressed concerns about Trump’s ties to a family crypto project called World Liberty Financial and warned that the law leaves room for foreign firms under sanctions and doesn’t limit tech giants from launching their own coins.
Meanwhile, significant developments have been taking place in the world of cryptocurrency. Crypto hacks have reached unprecedented levels, with a staggering $72 million lost. The alarming rise in these attacks has sparked calls for increased security measures to protect users’ funds.
In related news, several major banks are set to enter the crypto space. Bank of America is reportedly working on a new stablecoin project, joining the likes of JPMorgan and Citigroup, which have already confirmed their own digital products. Other financial institutions are also exploring the space. The sudden rise in stablecoin use could accelerate this trend further.
The article concludes by highlighting several other key updates in the crypto world.
Source: stealthex.io
