"Crypto week" in Congress.

On Friday, President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the United States’s first major cryptocurrency legislation. The new law establishes a legal category and regulatory framework for stablecoins, a type of cryptocurrency whose value is tied to a reference asset, like the price of gold or the U.S. dollar. As a result, banks, nonbanks, and credit unions will be able to participate in the stablecoin market and issue their own digital currencies. At a signing ceremony on Friday, President Donald Trump said the bill “creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could have been perhaps the greatest revolution in financial technology since the birth of the Internet.”

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