Historic Moment: Trump Signs the GENIUS Act, Marking a Milestone for Crypto Regulation
In the early morning of July 19 Beijing time, the East Room of the White House witnessed a pivotal moment in crypto history: U.S. President Trump officially signed the highly anticipated GENIUS Act. This marks the first time a U.S. President has signed crypto-focused legislation, hailed by Trump as “the greatest revolution in financial technology since the birth of the internet.”
Crypto Week: From Turbulence to Historic Passage
This week, Capitol Hill kicked off “Crypto Week,” with the House set to deliberate three key Republican-led crypto bills: the GENIUS Act, CLARITY Act, and Anti-CBDC Act. Trump rallied support on Truth Social, vowing to push for passage, but an initial procedural vote failed (196-223) due to 12 conservative GOP lawmakers opposing, who demanded bundling the bills.
After 48 hours of negotiations, all three passed on July 18:
– GENIUS Act: 308-122, backed by over 100 Democrats (including House Minority Leader Jeffries);
– CLARITY Act: 294-134, supported by 78 Democrats;
– Anti-CBDC Act: 219-210, with only 2 Democratic votes.
Having already cleared the Senate, Trump signed the GENIUS Act the next day, with executives from Tether, Gemini, and other firms in attendance.
Key Provisions: Regulating Stablecoins, Defining Boundaries
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) focuses on stablecoin regulation:
– Definition: Pegged to fiat, 1:1 backed by USD or high-liquidity assets, for payment purposes only;
– Dual Regulation: Issuers with >$10B market cap under federal oversight; smaller ones can opt for state registration (meeting federal standards);
– 100% Reserves: Reserves limited to cash, short-term Treasuries, etc., segregated from operational funds, with monthly reserve audits;
– User Priority: Stablecoin holders get priority claims if issuers go bankrupt;
– Regulatory Clarity: Stablecoins are not securities, commodities, or investment vehicles, clarifying regulatory jurisdiction.
Industry Impact: From “Laughed At” to “Milestone Recognition”
As the first federal stablecoin law, the GENIUS Act is seen as the start of stablecoins’ “regulatory era.” Trump noted, “The crypto community was mocked, ignored, and dismissed—today, this signing is a massive认可.” The White House added it “paves the way for U.S. leadership in the global digital currency revolution.”
Witnessing History: A New Chapter for Crypto
From legislative hurdles to presidential approval, this cross-party consensus signals crypto’s shift from the margins to the mainstream. As Trump put it, the “greatest revolution” in fintech may have just begun.
Read More《历史性时刻:特朗普正式签署《GENIUS法案》》
This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.
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