Crypto Industry Sees Historic Milestone with First Major Legislation

The "Guiding and Establishing National Innovation for U.S. Stablecoins Act," also known as the GENIUS Act, has been signed into law by President Donald Trump, following a week-long process. This legislation aims to establish a regulatory framework for stablecoins, a type of cryptocurrency pegged to another asset, such as the US dollar. The law is expected to increase the involvement of federal regulators, including the Federal Reserve and the Office of the Comptroller of the Currency, in the crypto sector. The GENIUS Act's passage is seen as a significant milestone for the industry, with potential implications for the future of cryptocurrency regulation. The bill's journey to becoming law was not without its challenges, including initial opposition from some lawmakers. However, after a record-breaking 9-hour vote, the lawmakers ultimately voted in favor of the move to debate, clearing the way for a final vote on the three bills. The GENIUS Act's implementation will now be overseen by federal regulators, who will develop the actual regulations outlined in the law. Meanwhile, another bill, Clarity, is still in the process of being finalized, with the Senate working on its own version. The outcome of these legislative efforts is expected to have a significant impact on the crypto industry, with many stakeholders eagerly awaiting the next steps.