Trump Signs New Law for Cryptocurrency "Beneficial to the Dollar and America"

SadaNews Economy - Last night, U.S. President Donald Trump signed a new law that includes a set of regulations concerning a type of cryptocurrency, which is seen as a step toward legitimizing this emerging industry.

Trump stated that the "stablecoins" law is a massive endorsement of digital currencies, affirming that digital currencies are "beneficial to the dollar and to America."

He pointed out that the value of digital currencies has risen more than any stocks, asserting that the Federal Reserve will never issue a digital currency. He said, "I will not allow the dollar to devalue, as losing the dollar as a reserve would be like losing a war."

The "Genius" law (Guidance and Establishment of National Innovation for U.S. Stablecoins) creates an initial regulatory framework and consumer protection controls concerning stablecoins, which are a type of cryptocurrency tied to stable assets like the U.S. dollar, aimed at reducing price volatility. The law was passed in both the House of Representatives and the Senate with overwhelming bipartisan support.

This law aims to enhance consumer confidence in the rapidly growing cryptocurrency sector, and its enactment comes at a time when Trump seeks to make the United States the "cryptocurrency capital of the world," according to the Associated Press.

On the "Truth Social" platform, Trump wrote on Friday morning to announce the bill: "Congratulations to our great Republican Party members for what they have achieved in record time, achieving tremendous milestones in a very short period!"

Additionally, the House of Representatives also approved two other bills on Thursday aiming to strengthen the legitimacy of the cryptocurrency industry. One of the bills establishes a new market framework for cryptocurrencies, while the other prohibits the Federal Reserve from issuing a new digital currency. These bills will be sent to the Senate.