President Donald Trump signed one of the first bills linked to the crypto and the blockchain of his law administration after delays due to debates in the House of Representatives and the Senate.
During a signing ceremony on Friday attended by many leaders of the High-Warm cryptocurrency and Republicans, including vice-president JD Vance and the president of the Mike Johnson Chamber, Trump signed the law on the orientation and creation of national innovation for the stablescoins American (Genius).
The president recognized the support of several Crypto figures in the presence, notably the co-PDG of Kraken David Ripley, the co-founders of Gemini Cameron and Tyler Winklevoss, the CEO of Coinbase Brian Armstrong, the CEO of Circle Jeremy Allaire, the CEO of the attachment Paolo Ardoin and Robinhood CEO Vladim.
“The whole crypto community, for years, you have been mocked and licensed and counted, you were counted as little as a year and a half ago, but this signature is a massive validation […] From your hard work and your pioneering spirit, “said Trump, reading prepared remarks.
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The chairman of the SECURITIES AND CANCE (SEC) commission of the United States, Paul Atkins, said in a statement that “ensuring that the United States is the best and surest place in the world to invest and do business requires clear road rules that allow market players to adopt emerging technologies with confidence.”
Commissioner Hester Peirce, who also leads the working group on the Crypto of the SEC, said that the law meant that “the stables of payment are not securities” under the competence of the regulator. The SEC published its own advice in April, saying that certain “stablescoins covered” would be exempt from declaration requirements provided that they are fully supported by physical fiat reserves or short -risk and very liquid and redeemable instruments to a 1: 1 ratio for American dollars.
Peirce added:
“People have voted with their dollars – the ruthlessly issued stablecoins are already playing great use as a payment mechanism. The engineering law, putting a regulatory framework around them, aims to protect current and future users and the financial system.”
Trump said he had dismissed the predecessor of Atkins, Gary Gensler. The former president of the SEC resigned in January the day Trump took office.
The president also used his platform to summarize the initiatives made since January in response to the requests for the cryptography industry, in particular the founder of Pardoning Silk Road, Ross Ulbricht, creating a Bitcoin National Reserve (BTC) and naming Paul Atkins to direct the dry. Trump said he had supported the industry in part “for votes” in 2024.
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Crypto Week One wraps with the signing of the bill while two others move to the Senate
The Genius Act was the first of the three republican bills said they expected to progress before the Congress pauses in August.
In addition to the stable bill, the Chamber adopted the law on the clarity of the digital asset market (clarity) and the anti-CBDC law on the state of surveillance with bipartite support. The two bills will go to the Senate for examination.
https://www.youtube.com/watch?v=Sumyssrjvzm
Some Senate Democrats are expected to raise objections on the two bills on allegations that Trump personally benefits from their adoption. The president has a participation in his cryptographic company supported by the family, World Liberty Financial, launched his personal same before taking office, and asked many cryptocurrency leaders to support his presidential campaign, some of whom attended the signing of Friday.
Despite the decline of certain legislators, 78 Democrats in the House voted in support of the Clarity Act and more than 100 for the Act on Engineering. Only two Democrats in the House elected Yay on the anti-CBDC bill, which suggests that it could be the most vulnerable when the time comes to vote in the Senate.
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