Trump signs stablecoin bill: We've made the US the crypto capital of the world

US President Donald Trump signed the 'GENIUS' bill, which aims to regulate the stablecoin market.

The bill was approved in the Senate last month by a vote of 68-30, with support from both Republican and Democratic congressmen. It passed the House of Representatives yesterday.

The 'GENIUS' (Guiding the National Innovation and Establishment of US Stablecoins) bill aims to create a federal regulatory framework for dollar-backed stablecoins and increase transparency in the stablecoin market.

At the signing ceremony at the White House, Trump said that with GENIUS, which he described as a "turning point," they would take a giant step to strengthen American dominance in global crypto technology.

Stating that the crypto community has been ignored for years, the 79-year-old politician emphasized that his signature today is a 'validation' for the crypto industry.

He thanked the crypto sector for contributing to the US's "incredible strength," noting that crypto assets have risen faster than any stock.

Arguing that the crypto industry is a "good thing" for both the dollar and the country, Trump stated that this is why he supports the industry.

He said he had ended the "illegal operation" against crypto and bitcoin, claiming the sector was previously "under relentless attack from the (former US President Joe) Biden administration ."

“I promised we would make the United States the crypto capital of the world, and we did,” Trump said.