On Friday, President Trump signed new regulations for a type of cryptocurrency, an important step for an industry that has spent strongly to strengthen its legitimacy and political power.
The act of engineering establishes initial railings and consumer protections for stabbed, which are linked to assets such as the US dollar to reduce price volatility compared to other forms of cryptocurrency. He adopted both the room and the Senate with large bipartite margins.
The new law aims to strengthen consumer confidence in the cryptography industry, which has quickly become a major power player in Washington, thanks to massive campaign donations and lobbying expenses. His passage occurs when Trump had repeatedly committed to making the United States the “cryptographic capital of the world”.
“For years, you have been mocked and dismissed and counted,” Trump told the Crypto industry leaders at a signing of the White House invoice which attended around 200 people, including several GOP legislators. “This signature is a massive validation of your hard work and your pioneer spirit.”
The cryptography industry has long complained that it was unjustly targeted by the administration of former president Biden and spent massively to help Trump win last year’s elections.
The president caused praise for cryptographic leaders during his speech on Friday, saying: “No one has acquired respect in such a short time”.
Trump said that helping the cryptocurrency industry was “good for the dollar and that it’s good for the country.”
“This is why I supported you at an early stage,” said Trump, who had previously been skeptical of cryptocurrency before kissing her. Its administration has taken several precocious measures to stimulate the cryptography industry, in particular the Securities and Exchange Commission supposing several application measures against large cryptographic companies.
Trump then added a sincere confection on the political calculation of his support for the cryptography industry: “And I also did it for the votes,” he said, pulling laughter from the public.
The president also joked by saying that the legislators had appointed the law on genius after him. The acronym means “to guide and establish national innovation for American stables”.
The use of Stablecoins has developed considerably in recent years. Circle, the issuer based in the United States of one of the most popular cryptocurrencies, made its debut on the New York Stock Exchange earlier this year and quickly saw its value hovering in the intensive interest of crypto and investors. Stablecoin issuers make profits by collecting interest on the assets they hold in the reserve to support their stablecoins.
A provision of the Engineering Act prohibits members of the Congress and their families from taking advantage of the stablecoins. But this ban does not extend to the president and his family, even if Trump builds an crypto empire of the White House. His family has an important participation in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund to the United Arab Emirates.
The Chamber has also adopted two other bills which aim to help the cryptographic industry. One creates a new market structure for cryptocurrency, and the other prohibits the federal reserve from issuing a new digital currency. The two measures now go to the Senate.
Kim and Suderman write for the Associated Press.
