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On July 18, local time, U.S. President Trump signed the "Genius Act" at the White House, formally establishing a regulatory framework for digital stablecoins within the United States. In addition, Trump announced the creation of a federal "Strategic Bitcoin Reserve" and a "National Digital Asset Reserve," while reaffirming his stance against the issuance of a central bank digital currency in the country. The bill, which garnered 308 votes in favor and 122 against in the House of Representatives, aims to establish clear regulatory guidelines for stablecoins pegged to the U.S. dollar. However, some Democratic lawmakers have raised concerns regarding the bill's perceived inadequate protection of consumers, national security, and financial stability, and have accused the Trump family of having connections to the cryptocurrency industry.
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