President Donald Trump signed the genius act in law today, marking a milestone in the push of his administration to establish the United States as global bitcoins and cryptocurrency capital. Legislation creates a clear regulatory framework for Stablecoin with a dollar supported, which represent what Trump called “perhaps the largest revolution in financial technology since the birth of the internet itself”.
While the Genius Act does not directly deal with Bitcoin, legislation establishes a regulatory clarity that could benefit from all digital resources, including Bitcoin, creating a better environment for cryptographic innovation and increasing the commercial volume on exchanges.
Speaking at the signature ceremony, Trump underlined the transformative potential of the new law. “This is really a big day. This is a very big thing and I want to thank Senator Bill Hagerty, a great friend of mine”, who played a huge role in bringing this account through the finish line. This will make America stronger and congratulations, it is good for the country. ”
The president connected legislation to his Bitcoin and cryptocurrency commitments, referring to his historical appearance to the Bitcoin Conference. “Exactly this month many of you were in Nashville, in Tennessee, when I became the first president ever to face the Bitcoin conference. I promised that we would make the United States the capital of the world in the world, and this is only going further.”
Trump has outlined the approach of his administration to digital resources, highlighting several key initiatives. “First weekly week I established the first presidential working group on digital resources. I stopped the government weapon against Crypto and Bitcoin, we stopped suffocating 2.0. And I freed Ross Ulbricht.”
The president also referred to his establishment of strategic reservations of Bitcoin through the executive order, demonstrating his commitment to Bitcoin specifically. “Last March I signed an executive order that establishes the US strategic Bitcoin reserve and the supply of US digital activities, and with today’s signature we are pushing even more in the exciting frontier.”
The president then discussed how the Genius Act faces a critical infrastructure gap into the American financial system. “Many Americans are not aware of the fact that the technical backbone of the financial system is out of date. Payments and money transfers take days and even weeks to cancel,” explained Trump. “The genius act provides banks, companies and financial institutions, a framework for the issue of cryptocurrency activities supported 1 by 1 with real US dollars.”
The legislation will be expected to increase the demand for US treasures, according to Trump. He also reaffirmed his opposition to the digital currencies of the Central Bank, affirming: “I also remain fully engaged in my commitment to never allow a digital currency of the Central Bank in America”.
Ai and Crypto David Sacks’ tsar, speaking at the ceremony, underlined the historical nature of the moment. “Today you have another historical legislative result and it is a step to make the United States the Crypto Capital of the World. The Genius Act will unlock the domain in the cryptocurrency sector by creating road rules.”
Trump concluded by promising further encryption legislation this year, calling it “a really hot industry” and reporting the continuous momentum for the development of bitcoin and digital resources in America.