The US president praised the GENIUS Act, which establishes consumer protections and regulations for stablecoin, a type of cryptocurrency whose value is tied to a fixed currency or commodity, while speaking from the White House on Friday.
A total of three cryptocurrency bills passed through the US legislature as a result of what Trump dubbed “crypto week.”
In the end, Trump’s desk was only given stablecoin legislation.
The US House of Representatives sent two additional bills to the Senate on Thursday, one of which would ban government-issued digital currencies and the other would set more stringent rules for cryptocurrency products’ regulatory classifications.
Trump praised Friday’s bill-signing ceremony as “a huge step cementing the US’s dominance of global finance and crypto technology.”
Legislations like the GENIUS Act, according to industry advocates, will help to expand the use of cryptocurrency in the US. They claim that the adoption of digital currencies has been hampered by a lack of regulatory clarity.
However, some people have expressed concern about the Trump family’s involvement in the crypto industry, including its ownership of World Liberty Financial, a company that created the stablecoin USD1 themselves.
They point out that corruption is a possibility because recent flurry of Republican-led legislation does not address whether a president can hold interests in cryptocurrency.
Democrats also criticized the GENIUS Act for creating an unfit regulatory framework that could lead to large corporations’ own private cryptocurrencies and raise long-term financial risks.
Trump continued to support the crypto industry, including by advancing his campaign pledge to establish a “crypto reserve” at the national level, as he did on Friday.
Trump also referred to his administration as a “hard pivot” from former president Joe Biden’s aggressive approach to investigating crimes involving cryptocurrency.
Trump has suspended a special Department of Justice enforcement team and ended several Biden-era cryptocurrency investigations since taking office for a second term in January.
At the White House, some of the cryptocurrency leaders who had previously been the subject of US government investigations were present.
At the signing ceremony, Trump told them, “You’ve come a long way since the Biden administration, when they had no idea what you were all talking about. Half of you were indefinitely indefinitely under arrest.”
He addressed industry figures by name, including Brian Armstrong, Chris Pavlovski, and Tyler and Cameron Winklevoss, who had all been the subject of SEC (SEC) investigations under Biden.
Trump said, “Let me tell the entire crypto community that you have been mocked, dismissed, and counted out for years.”
Source: Aljazeera
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