The Genius law was adopted by the House of Representatives of the US Congress 306 votes. He became the first major national law of the New Prap of the White House, which at the federal level determines the rules for regulating the digital assets market.
“Today we are taking a huge step forward to consolidate the leadership of the United States in global finances and cryptotechnologies. Genius is now the law, ”Trump said at the signing ceremony.
The law opens up the possibility of issuing private stablecoins for American banks and financial institutions, and also obliges issuers of these digital assets to provide 100%reservation with assets, such as US dollars or treasury bonds, together with audits and registration with federal or regular regulators.
The heads of large cryptocurrency companies were invited to the ceremony to the White House, including Coinbase CEO Brian Armstrong, Circle Jeremy Allaire, Robinhood Vlad Tenev, Tether Paolo Ardoino (Paolo Ardino), Kraken Dave Ripley, Gemini Tyler and Cameron Winklevoss (Tyler Winklevoss, Cameron Winklevoss), as well as the main legal director Alderoty).
Earlier, the analysts of the Coingecko platform reported that against the backdrop of positive events, the capitalization of the cryptocurrency market reached a new historical maximum and in the moment exceeded $ 4 trillion.
Source: Bits
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