Trump signs the GENIUS Act: a new era of digital finance arrives in America!

This morning, the White House witnessed a historic moment in the world of cryptocurrencies! President Trump officially signed the "GENIUS Act," marking the formal implementation of the first federal regulatory framework for stablecoins in America. The event brought together high-ranking government officials and leaders from the cryptocurrency industry, and Trump passionately stated that this is a great revolution in financial technology, and that this law holds enormous potential to reshape the global financial landscape.

This bill is blunt and straightforward:
100% reserve system - for every stablecoin issued, there must be 1 dollar in cash or short-term government bonds, algorithmic stablecoins are directly rejected, becoming the end of the LUNA tragedy; a list of reserve assets must be published monthly, overseen by an independent auditing company, any attempt to misappropriate assets will be completely crushed; the license becomes a lifeline, the issuance of stablecoins is prohibited for those who do not hold a federal or state license, and the state license limit is restricted to 1 billion dollars, smaller players can only look on enviously.

Trump did not hide that this law not only reinforces the global hegemony of the dollar but also makes ordinary people feel more secure using cryptocurrencies. Treasury Secretary Basent also pointed out that the global use of stablecoins effectively amounts to an indirect purchase of U.S. Treasury bonds, which will further consolidate the dominant position of the dollar.

Once the law was enacted, Wall Street instantly erupted. JPMorgan is experimenting with deposit tokens on the Base chain, Bank of America quickly moved forward with cryptocurrency payments, Standard Chartered also joined the spot trading, Visa's stablecoin settlement volume skyrocketed, and Amazon and Walmart are also quietly planning to issue digital currencies. What is even more remarkable is that the $8.9 trillion in the U.S. 401k pension plan is paying close attention to this market, and Trump has instructed the relevant departments to investigate entry avenues.

Of course, the introduction of the bill has also sparked some controversies. The risk of monopoly by big tech companies has intensified, there may be failures in the mechanisms to combat money laundering, and the massive purchase of U.S. Treasury bonds by stablecoins could lead to turmoil in the Treasury bond market.
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