US President Donald Trump has just signed the GENIUS Act on cryptocurrency regulation, reports UNN with reference to Sky News.
"This is an incredible act... we worked hard," he said, thanking those who participated in the development of the bill.
He added that the law makes a "giant step towards cementing American dominance in global finance and crypto technologies."
What is the GENIUS Act?
The bill was passed by the US House of Representatives and marks a key moment for the digital asset industry.
It creates a regulatory framework for cryptocurrency tokens known as stablecoins.
A stablecoin is a type of cryptocurrency pegged to another asset, in this case the US dollar, which makes it less volatile than other cryptocurrencies usually are.
It can be used in various ways, including for payments and for trading futures.
This law could make stablecoins more common, encouraging greater competition in the market and strengthening trust, crypto analyst Nick Pakrin told NBC.