In the aftermath of President Donald Trump signing the Guiding and Establishing National Innovation for U.S. Stablecoins Act into law, key stablecoin industry leaders have expressed their intentions to comply with the new legislation. Tether CEO Paolo Ardoino stated that his company will adjust its operations to meet the requirements of the GENIUS Act, including implementing a new auditing regime and modifying its reserve management. Ardoino noted that Tether has three years to establish a presence in the US and plans to introduce a new token tailored to institutional users.
Meanwhile, Circle CEO Jeremy Allaire asserted that his company is already compliant with the new law, citing Circle's history of transparency and public auditing. The GENIUS Act demands that stablecoin issuers back their coins with highly liquid assets, such as US Treasuries, and undergo rigorous auditing processes to ensure compliance. The law is expected to have a significant impact on the US stablecoin landscape, with major technology companies and financial institutions poised to enter the market. Coinbase CEO Brian Armstrong welcomed the new law, describing it as the beginning of a major financial revolution in the US.
However, he also emphasized the need for further legislation to regulate the broader crypto market.