After passing the final House vote on Thursday, the GENIUS Act was enacted into law by President Donald Trump on Friday, July 18. The signing into law of the Genius Act was witnessed at the White House by top crypto leaders, including Tether (USDT) CEO Paolo Ardoino and Coinbase Global Inc. (NASDAQ: COIN) CEO Brian Armstrong.
The landmark crypto legislation will foster the development and adoption of stablecoins in the United States and globally. According to President Trump, during the signing ceremony, the GENIUS Act is a major milestone for the financial industry.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself. A lot of people are saying that,” Trump said. “What do you guys think? If you say yes, I’m saying yes.”
The GENIUS Act was created to regulate the stablecoin market, which has grown to more than $264 billion in net valuation at the time of this writing. The clear regulatory framework for the stablecoin market will help attract more institutional investors into blockchain technology and the wider crypto space.
“This clear direction from Congress also should serve as a catalyst for the SEC to provide guidance on how SEC registrants can use—and accommodate their customers’ use of—payment stablecoins. I invite investors and market participants regulated by the SEC to engage with the Crypto Task Force on what the Commission needs to do, in light of the GENIUS Act,” SEC Commissioner Hester Peirce, noted.
The mainstream adoption of crypto assets, through the stablecoin market, will play a crucial role in the ongoing bull rally. Furthermore, the stablecoin market is a major source of liquidity in the crypto space.
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