Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent news of President Donald Trump signing the GENIUS Act into law.
Donald Trump Signs GENIUS Act Into Law
United States President Donald Trump has finally signed the GENIUS Act into law last Friday. The landmark moment took place at the White House and marks a major win for crypto policy proponents. The Act is known as the Guiding and Establishing National Innovation for U.S. Stablecoins and after signing the bill into law Trump was all smiles. He gave his congratulations to key U.S. lawmakers and reporters and stated:
“We worked hard. It’s a very important act—the GENIUS Act—they named it after me. I want to thank you. This is a hell of an act. Let me say, the entire crypto community, for years you were mocked and dismissed and counted out. You were counted out as little as a year and a half ago—but this signing is a massive validation.”
Although said in a joking manner, Trump was delighted after just a day before the GENIUS Act passed through the chamber in a 308-122 vote. This took place during the Republican Party’s self-declared “Crypto Week.” Although the GENIUS Act is just one part of three pieces of hot topic and debated crypto legislation which are up for consideration this week in the House of Representatives, alongside the CLARITY Act and the Anti-CBDC Act, it marks a good moment as the Act got through.
All three of the crypto bills failed during a procedural vote on Tuesday that saw U.S. President Donald Trump hold late-night talks with holdout lawmakers. Now that the GENIUS act has been ratified into law many of the crypto community have praised the moment. However, some high-ranking Democrats have pushed back against the advancement. Congresswoman Maxine Waters (D-CA) launched her own “Anti-Crypto Corruption Week” as three key pieces of crypto legislation look to get passed. She noted:
“These bills throw hardworking Americans under the bus, putting them at risk for a future financial crisis—all to legitimize Donald Trump’s crypto scams.”
According to a White House press release, the GENIUS Act is a historic piece of legislation which will pave the way for the United States to lead the global digital currency revolution. It will focus on consumer protection, strengthens the U.S. dollar’s reserve currency status, and improve national security. They also state that the GENIUS Act will make the United State of America the 'undisputed leader in digital assets' and bring massive investment into the nation.
The three major crypto token - Bitcoin, Ethereum, and Ripple - all saw an increase in price over the last week and hit new all-time highs. Bitcoin is now the best-performing major asset in the world this year, having climbed nearly 30%, outpacing gold and the tech-heavy Nasdaq Composite stock index.
Have a great day.
Peace. CryptoGod-1.
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