Washington – President Donald Trump officially signed a first bill in its kind establishing new regulations for a specific type of cryptocurrency in what he considered as a “massive validation” for an industry he noted was quickly increasing.
“No one has gained respect in such a short time,” said Trump about industry. “But this signature is a massive validation of your hard work and your pioneering mind and your ability to never give up.”
The legislation, called the genius law – Trump opened its jokes “they named it” – creates a federal framework for regulations and railing for stablecoins. Stablecoins – With a market that reached $ 238 billion in April, According to Coindeskdata – is often considered a type of more stable cryptocurrency because it is linked to other active ingredients such as the US dollar.
“It’s good for the dollar, and it’s good for the country,” said Trump.
The East Room signature ceremony attended by members of the congress and key players in the industry officially capped what the Republicans have deemed the “crypto week” at the Congress, which saw the Chamber adopt the law on engineering and two other laws relating to digital currency.
One of the invoices seeks to establish more radical regulations for cryptocurrencies and the other prohibit a digital currency from the central bank. Both must still go to the Senate.
The president noted on Friday the work it took to obtain the historical legislation on the finish line, which came in the middle of a growing outcry in the GOP and a rare break between Trump and some of his supporters on Jeffrey Epstein and a memo of the Ministry of Justice concluding that he would not publish more information on his case.
The cryptocurrency bill was selected earlier this week in the hands of a dozen members of the Chamber. Trump had to invoke 11 of them in the oval office on Tuesday evening, he said in a Post on social truth, To personally conclude an agreement which finally led the legislation to erase the Chamber with the support of more than 200 Republicans and more than 100 Democrats, including the head of the minority of the Hakeem Jeffries Chamber, DN.Y.
“I am so tired of making phone calls to two, three, four hours,” said Trump, seeming to deplore the small majority of the GOP in the Chamber that led to battles to have key legislation adopted.
“Eighty-six-six percent phenomenal and 4% extremely difficult,” said Trump about republican members of the room, “but they get there-most of them, not all. They are those that we really don’t like.”
The AI of the White House of Trump and the Czar Crypto, David Sacks, noted the role of the president in the adoption of the bill, calling him “the secret weapon”.
“We have a chief job, and thanks to President Trump, he intervened and saved this bill,” said Sacks.
Among those present were representatives for companies such as Rumble and Robinhood.
The president also used the ceremony to praise his leadership more widely in the cryptocurrency space, noting that he has already created A strategic bitcoin reserve and a sock of American digital assets since returning to the Oval Office. He told talk to Bitcoin 2024 conference in Nashville, Tennessee, as a candidate last summer, where he promised to make in the United States the “cryptographic capital of the planet”.
“With the signing of today, we push even further in the new exciting border,” said Trump.
The bags during the ceremony said that the genius law was a “monumental step to achieve” such a promise.
Trump also launched a coin just before its inauguration in January in what was considered a normal diverging movement that triggered Reactions of certain criticisms. In May, he organized a private dinner in his golf club just outside Washington for the best investors in his token.
