President Donald Trump signed the GENIUS Act, establishing a regulatory framework for US dollar-backed stablecoins. This law, a landmark moment for payments innovation, aims to enhance the oversight of stablecoin issuers by the Office of the Comptroller of the Currency (OCC). The act requires issuers to maintain fully-backed liquid reserves and mandates annual audits for those with tokens exceeding $50 billion in circulation. It also calls for state regulators to align their frameworks with federal standards, addressing the previous inconsistencies in state regulations. Trump's signing follows significant bipartisan support in Congress, with the House approving the bill by a 307-122 vote and the Senate backing it with a 68-30 vote. Experts suggest that this legislative move could greatly impact the adoption and trust in stablecoins, reflecting a shift in the government's stance toward blockchain technologies. Alongside this, another bill defining 'digital commodities' and dividing regulatory oversight between the CFTC and SEC is on its way to the Senate. As the cryptocurrency market sees substantial activity, this regulatory clarity may unleash further growth opportunities in the financial sector.

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