July 25 (UPI) -- Congress and President Donald Trump have taken steps toward regulating digital currency with the passage of a package of bills on Capitol Hill.
Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins Act and, or GENIUS Act, into law last week, establishing a framework for regulating stablecoin, a form of cryptocurrency that is backed by a stable asset.
Industry stakeholders are applauding the law, saying it will enable the United States to be a leader in digital finance. Economists are not unanimously convinced that it will be the consumer-focused game-changer it is made out to be.
"The passage of the GENIUS Act represents an important step toward establishing a clear regulatory foundation for the digital asset industry in the United States," Paolo Ardoino, CEO of pioneering cryptocurrency company Tether, said in a statement to UPI. "The U.S. now has the opportunity to reassert its leadership in digital finance by supporting open networks and programmable money. Stablecoins have become essential infrastructure in global markets, powering dollar access, enhancing cross-border settlements, and strengthening financial resilience."
The GENIUS Act is just one piece of legislation that underlines lawmakers' interest in establishing guidelines for the realm of digital finance. The House passed two more bills last week relating to cryptocurrency: the Digital Asset Market Clarity Act and the Anti-CBDC Act. Both must pass the Senate to become law.
