President Donald Trump signed a major bill into law on Friday that would further legitimize crypto and embed it in the U.S. financial system—and allow the president to enrich himself, critics say.
The GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins, will establish the first regulatory framework for stablecoins—digital currencies with value that is pegged to a fiat currency like the U.S. dollar—and paves the way for banks to launch their own stablecoins.
It passed with bipartisan support in the House of Representatives on Thursday by a vote of 308 to 122 after some haggling by GOP leadership with conservatives. The Senate passed the bill last month with bipartisan support, 68 to 30.
The post Trump Stands to Profit as He Signs Crypto Legislation appeared first on The Daily Beast