Trump signs the first major encoding bill, a genius law, to the law

the Genius It creates rules For the entities that issue Stablecoins, whose value is associated with the origin of the US dollar. These rules govern those who allowed the issuance of Stablecoins, how they need to maintain reserves, what happens in bankruptcy, and a commitment to prevent money laundering.

Trump congratulated the encryption industry members who attended the signing ceremony at the White House, including Coinbase and Tether executives. He directed a blatant contradiction between the Biden administration, which was called a “vicious group of people” who were “trying to crush your industry” and itself. Trump said, “I have taken out, comrades of many troubles,” Trump said.

“The entire encryption community, for years, has mocked, rejected and calculated,” Trump said. “But this signature is to verify your hard work and your leading spirit.” He added that he chose to support encryption “at an early stage” because it would make the US dollar stronger. “I also did so for the sounds. Because you went out and voted,” he said for a round of laughter from the audience.

The bill has passed through both the Congress rooms with the support of the two parties, as supporters said it creates necessary guarantees for this industry and the United States remains competitive in space. But she also witnessed opposition from other members on both sides. Senator Josh Holie (R-MO) Criticism of the bill As a “huge gift for large technology”, noting that it will stimulate the companies that issue Stablecoins to collect more financial statements to consumers. In a speech in the Senate Hall“The draft law” is full of gaps and contains weak guarantees for consumers, national security and financial stability. “

Introduction And other Democrats It has also warned that legitimacy to the Stablecoin industry through legislation can enhance Trump’s potential means of corruption. The Trump family participates in Crypto World Liberty Financial, which launched Stablecoin, USD1. the The White House said The project does not create any conflicts for the president because its assets are in a box run by his children.

Warren said: “Through his encryption companies, President Trump has created an effective way to exchange presidential services such as customs tariff exemptions, pardon, and government appointments to hundreds of millions – perhaps billions of dollars from foreign governments, billionaires, and major companies.” “This is the greatest scandal of corruption in American history, and by passing the genius law, the Senate is about to not only bless this corruption, but to facilitate its activity.”

When Trump fell to the verb of the genius, he tried to pay attention to what he described as a “big scandal” for him predecessor. “This is not an autopsy, by the way.” Trump mocked.