Crypto Gets a Big Boost: New Law Aims to Protect Investors
President Donald Trump has signed a new law, the GENIUS Act, aimed at ensuring safety in the use of stablecoins. Stablecoins are a type of cryptocurrency tied to assets like the U.S. dollar, providing more stability compared to other cryptocurrencies.
Crypto Industry Growth and Influence
The crypto industry has been expanding rapidly, investing heavily to gain recognition in Washington. Trump, once skeptical, has become a strong supporter of crypto. He humorously suggested the law's name, GENIUS Act, stands for "Guiding and Establishing National Innovation for U.S. Stablecoins."
Controversial Exemptions
While the law prohibits Congress members and their families from profiting off stablecoins, it does not apply the same restriction to the president and his family. Trump's family has significant investments in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year.
Additional Crypto-Friendly Bills
The House also passed two more bills:
- A bill creating a new market structure for cryptocurrency.
- A bill preventing the Federal Reserve from issuing a new digital currency.
These bills are now headed to the Senate.