For years, the U.S. government has adopted a hands-off approach to cryptocurrencies, deeming them too dangerous for average Americans — and too risky for the country’s financial system.
Not anymore.
In a historic vote in the House of Representatives earlier this week, Congress approved the country’s first ever major crypt legislation, signaling a sea change in the U.S. stance towards these digital currencies.
The overall market valuation of cryptocurrencies hit a record $4 trillion soon after the vote in a reflection of the excitement being felt across the sector.
And in a ceremony on Friday, President Trump — who has vowed to make America the “crypto capital of the planet” — signed the bill into law to the cheers of Republican lawmakers.
“This afternoon, we take a giant step to cement American dominance of global finance and crypto technology as we signed the landmark Genius Act into law,” Trump said.
That law sets new rules for a more narrow — yet promising segment of the crypto market called stablecoins. It sets the stage for more laws to come: Two other crypto-related bills are making their way through Congress now.