Trump signs GENIUS Act, creating stablecoin regulatory framework

Regulatory Framework & Innovation - The Genius Act aims to establish a clear regulatory framework for dollar-backed stablecoins, potentially revolutionizing financial technology [1] - The Act seeks to upgrade the outdated financial system using state-of-the-art crypto technology [3] Dollar & Crypto Assets - The Genius Act provides a framework for banks, businesses, and financial institutions to issue crypto assets backed one-to-one with US dollars, treasury bills, and other cash equivalents [4] - This is intended to strengthen the dollar's prominence [4] System Modernization - The current financial system's technical backbone is decades out of date, leading to costly and slow payments and money transfers [2][3]