Crypto Gets a Big Boost: What You Need to Know About the New GENIUS Act

In a major move, the President has just signed the GENIUS Act into law. This new legislation is a big deal for the crypto world, especially for stablecoins. Stablecoins are a type of cryptocurrency that are less risky because their value is tied to real assets, like the U. S. dollar. The GENIUS Act sets up rules and protections for these digital currencies, making it easier for banks and other financial institutions to issue their own stablecoins. The road to passing this bill wasn't smooth. At one point, a group of conservatives put a stop to the process. But after some persuasion, they agreed to move forward. The President even joked about how he got their support by giving them a little attention. The GENIUS Act is part of a bigger push to bring crypto into the mainstream. Along with this bill, two other crypto-related laws were also approved. One regulates other types of digital currencies, and the other prevents the Federal Reserve from issuing its own digital currency directly to the public. Supporters say stablecoins can make financial transactions faster and cheaper. They could even allow businesses and consumers to settle payments almost instantly. The President called the GENIUS Act a major step forward, comparing its potential impact to the birth of the Internet. But not everyone is happy about the new law. Some critics worry about the President's family investments in crypto and whether that creates a conflict of interest. The White House says there's no conflict, as the President's assets are managed by his children. The GENIUS Act signing wasn't the only big news this week. The House also approved cuts to foreign aid and public broadcasting funding. This has been a long-time goal for Republicans, and the President celebrated the move on his social media platform. In other news, the President has ordered the release of grand jury material related to the Jeffrey Epstein case. This comes after pressure to disclose more information about the convicted sex offender who died in federal custody in 2019.