President Trump signed the GENIUS Act into law on July 18, establishing regulations for stablecoins, a type of cryptocurrency linked to assets like the US dollar.

The law introduces consumer protections and aims to boost stability and confidence in the crypto sector. It received bipartisan support in both the House and Senate.

At the White House signing ceremony, Trump highlighted the growing influence of the crypto industry and said the act would enhance the US position in the market.

The law bans members of Congress and their families from profiting from stablecoins, but this restriction does not apply to the president or their family.

Trump’s family reportedly holds a significant stake in World Liberty Financial, which launched its own stablecoin earlier this year.

🔗 Source: Associated Press

🧠 Food for thought

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