Trump signs the GENIUS Act: A new era of digital finance in the United States!

In the early hours of today, the White House witnessed a historic moment in the cryptocurrency world! President Trump officially signed the GENIUS Act, marking the formal implementation of the United States' first federal regulatory framework for stablecoins. The event brought together high-ranking government officials and leaders from the crypto industry, and Trump passionately stated that this is a great revolution in financial technology, with the potential to reshape the global financial landscape hidden behind this act.

This bill is undoubtedly sharp and powerful:
100% reserve system - For every stablecoin issued, there must be 1 dollar in cash or short-term government bonds backed. Algorithmic stablecoins are directly vetoed, becoming the end of the LUNA tragedy; a public reserve asset list must be disclosed monthly, and supervised by a third-party auditing company, any thought of misappropriating assets will be thoroughly crushed; licenses become a matter of life and death, those without federal or state licenses are prohibited from issuing stablecoins, with state license limits restricted to 1 billion dollars, small players can only watch helplessly.

Trump openly stated that this bill not only strengthens the global hegemony of the dollar but also allows ordinary people to use digital currency with greater peace of mind. Treasury Secretary Basant further pointed out that the global use of stablecoins is essentially equivalent to a disguised purchase of U.S. Treasury bonds, which will further solidify the dominance of the dollar.

Once the bill was introduced, Wall Street was instantly set ablaze. JPMorgan is testing deposit tokens on the Base chain, Bank of America quickly followed suit to launch crypto payments, Standard Chartered has also joined the ranks of spot trading, Visa's stablecoin settlement volume has surged dramatically, and Amazon and Walmart are quietly planning to issue digital currencies. Even more noteworthy is that the $8.9 trillion U.S. retirement fund 401k is closely monitoring the market, and Trump has instructed relevant departments to explore entry paths.

Of course, the introduction of the bill has also sparked some controversies. The risk of monopoly by tech giants is increasing, there may be loopholes in anti-money laundering mechanisms, and the significant purchase of U.S. Treasury bonds by stablecoins could trigger fluctuations in the U.S. Treasury bond market.
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