President Donald Trump today signed the act of genius and marked a milestone in his administration’s push to establish the United States as a global Bitcoin and crypto capital. The law creates a clear regulatory framework for dollar-backed stubcoins, representing what Trump called “probably the biggest revolution in financial technology since the birth of the Internet itself.”
The Genius Act does not address Bitcoin directly, but the act establishes regulatory clarity that can benefit all digital assets, including Bitcoin, by creating a better environment for crypto innovation and increasing the volume of trading on exchanges.
Speaking at the signing ceremony, Trump highlighted the possibility of a change in the new law. “This is a really big day. It’s a really big thing. I want to thank my very good friend, Sen. Bill Hagerty.” This makes America stronger and congratulations, that’s good for the country. ”
The President connected the law to Bitcoin and crypto commitments, referring to historic appearances at the Bitcoin Conference. “At the very month, when many people were in Nashville, Tennessee, when I became the first president to compete in the Bitcoin Conference. We have vowed to make the United States the crypto capital of the world. This is going even further.”
Trump outlined his administration’s approach to digital assets and highlighted several key initiatives. “In the first week of his inauguration, he established the first presidential working group on digital assets, halting government weaponization against crypto and halting Bitcoin.
The President also referred to the establishment of strategic Bitcoin reservations through the executive order, specifically showing his commitment to Bitcoin. “Last March, I signed an executive order establishing a US strategic Bitcoin Reserve and US digital asset stockpile. Today’s signature is pushing us even further into an exciting frontier.”
The president then discussed how genius acts address critical infrastructure gaps in the American financial system. “Many Americans are unaware that the technical backbone of the financial system is in a decades-old era. “The Genius Act provides banks, businesses and financial institutions with a framework for issuing crypto assets that are supported one-to-one in real US dollars.”
According to Trump, the law is expected to increase demand for the US Treasury. He also reaffirmed central bank opposition to digital currencies, saying, “I am also fully committed to the pledge that the central bank will never allow digital currencies in the US.”
AI & Crypto Czar David Sacks spoke at the ceremony, highlighting the historical nature of the moment. “Today you have another historic legislative achievement, a step towards making the United States the world’s crypto capital.
Trump has pledged additional crypto laws this year, calling it a “really hot industry” and continues to evoke the continued momentum of America’s Bitcoin and digital asset development.
Source: https://bitcoinmagazine.com/news/trump-signs-genius-act-into-law-will-make-america-the-crypto-capital-of-the-world
