- US President Donald Trump signed the stablecoin bill that will prohibit the federal agency from issuing government backed stablecoin (CBDC).
- This bill also prevents the federal government from profiting from stablecoins, but excludes members of the Trump family.
Trump’s approach towards cryptocurrency regulation is fueled by entrepreneurial and democratic spirit. He launched World Liberty Finance and also signed an executive order to establish the Strategic Bitcoin Reserve (SBR).
The Genius Act Genius Enough
Trump has time and again said that he will not let CBDCs come into effect. His administration has issued both executive orders and policy statements to ban the development, issuance, and use of any federally-backed digital currency in the United States.
The Genius Act was recently passed by the House and today was signed into law by Trump and Congress.
This bill will prohibit the federal government from creating and issuing the digital dollar (CBDC).
The official announcement by The White House
Stablecoins are a type of cryptocurrency that are pegged to the fiat currency of a specific country. Like the United States Dollar Tether – $USDT is a stablecoin whose price is pegged to the dollar. The stablecoin is usually backed by real assets.
Background Of The Genius Act Bill
The Genius Act bill is the official name for the stablecoin bill that is drafted to aid in keeping a clean slate for national innovation for US stablecoins. The bill is created to guide the creation of stablecoins in the States.
The approach towards regulating cryptocurrency is bipartisan. The pile of cases filed by the SEC towards major crypto platforms are a living example of the bias towards digital assets innovation and growth as a whole.
Donald Trump signed the Genius Act on Friday and marked a new beginning for crypto regulation for the U.S. He has been quite committed in making America the ‘crypto capital of the world’.
Trump With A Trumped Up Charge
Trump’s admiration for crypto is not well taken. Many believe that his process of crypto adoption is negatively disruptive as it impacted the legislation path. According to Chainalysis, Trump launched a memecoin on Solana and it generated about $320 million in fees.His family holds a significant stake in World Liberty Financial, a crypto project that launched its stablecoin this year with an early investment from a UAE fund.
Whether Trump’s approach towards crypto regulation is bipartisan or not remains a mystery. However his commitment towards making America a leader in crypto innovation and regulation is unwavering. According to sources, Trump is all set to Open 401(k) Crypto Retirement Plans.