The president of the United States, Donald Trump, signed on Friday the first important federal law that regulates cryptocurrency in the USA. UU., Marking an important change in national politics and deepening the support of its administration to the digital currency industry.
The new law, known as the Genius Law, focuses on Stablecoins, the crystals linked to assets such as the US dollar, and is designed to boost public confidence and adoption.
Appreciation with bipartisan support in both Congress Chambers, the law provides very necessary regulatory clarity.
It also facilitates that banks and other financial institutions will emit Stablecoins, which is expected to increase the industry.
“I promised to bring American freedom and leadership back and turn the United States into the world’s cryptographic capital. And that is what we have done under the Trump administration,” Trump said during the signature ceremony.
Trump, who once criticized Crypto, has since become one of his greatest political champions. In the campaign, the industry called a “very powerful” that the United States has “dominated.”
The approval of the bill is a great victory for Republican representative French Hill, president of the Chamber Financial Services Committee.
“Our years of diligent work in Congress to contribute clarity to the Payment Stablecoins have reached a point of historical inflection,” said Hill. “President Trump asked Congress to send historical legislation to his desk in August, and we have delivered.”
Despite the broad support, the bill faced some criticisms, particularly the Democrats concerned about possible conflicts of interest.
The representative Maxine Waters, the main Democrat in the Financial Services Committee, warned that the bill could benefit companies with ties with the Trump family.
“The unstable law creates the appearance of a federal framework for Stablecoins, but does not provide the federal government with the full authority it needs,” Waters said on the chamber.
Waters pointed to World Liberty Financial, a company linked to Trump, which has a 60% participation in USD1, a stablecoin launched earlier this year.
Trump’s image appeared prominently on the company’s website, where he was once described as “main cryptography defender.” That label has now changed to “Emerrito co -founder.”
World Liberty Financial told ABC News that it is “a private company without links with the United States government.”
The White House also dismissed the concerns, saying that Trump’s assets remain in a trust -administered trust.
The path of genius law through Congress was not exempt from drama. A vote in the camera was delayed for nine hours due to disagreements among Republicans before the bill progressed.
In addition to the Genius law, the Chamber approved the clarity law, which describes how the different cryptographic assets will be regulated. That bill is now addressed to the Senate.
Federal regulators are six months to create detailed rules to implement the Genius Law.
While immediate changes to the public can be limited, supporters believe that the law feels the basis for the adoption and stability of broader cryptography.
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(ABC News)