The “Genius Act,” signed by US President Donald Trump on Friday, was recorded as the first cryptocurrency-specific regulation in the country's history.
Jesse McWaters, Mastercard's global policy director, described the law's passage as “a turning point in stablecoin regulation and digital asset adoption.”
Mastercard stated that it has been intensively preparing to reach this point in recent years, while McWaters said that mass adoption would be possible if stablecoins were “integrated into trusted systems.” The new law allows regulated entities, such as banks and companies, that meet reserve, transparency, and compliance requirements to issue dollar-backed stablecoins.
The law's passage has sparked significant activity in the sector. Executives from JPMorgan, Citigroup, and Bank of America have announced plans to enter the stablecoin market, while tech giants Amazon and Apple are reportedly working on integrating stablecoins into their platforms.
The bill's signing ceremony at the White House was also attended by prominent industry representatives, including Circle, Coinbase, Gemini, and Tether. Tether CEO Paolo Ardoino stated that the new regulation provides a “clear legal foundation” for the industry.
*This is not investment advice.
