The US Treasury Secretary Scott Bessent called the Genius Act a “historic” breakthrough, saying it will pave the way for the US to lead the global digital currency revolution.
The statement came just hours after President Trump signed the bill into law, marking the country’s most significant move yet toward regulating stablecoins and embracing digital assets on a national scale.
Genius Act sets stablecoin rules
The Genius Act creates a clear legal framework for stablecoins, requiring:
- Full 1:1 backing with low-risk assets
- Monthly audited disclosures
- Oversight under the US Treasury Department
Bessent emphasized that this regulatory clarity is essential to support the next wave of innovation and increase global demand for US dollar-backed digital currencies.
US aims to lead global crypto race
According to Bessent, the law “positions the United States to become a global leader in digital currency adoption.” The bill aligns with recent moves by the Federal Reserve and SEC to streamline oversight and support innovation in blockchain-based finance.
Industry players praised the legislation, with multiple stablecoin issuers already preparing to register under the new rules.
The message from Washington é claro: crypto is no longer in regulatory limbo.
Source: US Treasury, AP News, Reuters, X, Wired
Date: July 18, 2025
