President Trump on Friday signed legislation that established new cryptocurrency regulations that added validity to the crypto-trading business.
Republican lawmakers and crypto industry leaders surrounded Mr. Trump in the East Room of the White House when he signed the Genius Act, fulfilling one of his top legislative goals.
“With today’s signing we’re pushing even further into the exciting new frontier, just as I promised last year, the Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Mr. Trump said.
Stablecoin is a category of cryptocurrency that keeps a stable value by pegging it to a less volatile asset, such as the U.S. dollar or a commodity like gold.
“This could be perhaps the greatest revolution in financial technology since the birth of the Internet itself,” said Mr. Trump, whose business empire has made hundreds of millions of dollars in cryptocurrency