Trump Signs New Stablecoin Regulations into Law, a Major Milestone for Crypto Industry

TIME

President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might.

Transcript

00:00Let me say the entire crypto community for years you were

00:05Mocked and dismissed and counted out you were counted out as little as a year and a half ago

00:11But this signing is a massive validation and even before this signing over the last year year and a half

00:17I think your stuff has gone up more than any stock or just about more a couple of

00:21Stocks that were pretty good. I will say but you you have certainly as an industry gone up more than anybody

00:26Nobody's gained the respect in such a short period of time

00:30But this signing is a massive validation of your hard work and your pioneering spirit and your

00:36Ability to never give up because a lot of people would have given up two three years ago

00:41so I want to thank you for contributing to the

00:44Incredible strength of America. This is going to make it stronger and congratulations on this incredible achievement

00:50You've made our dollar look really good and strong and powerful. It's good for the dollar and it's good for the country

00:56And that's why I back to you at an early stage

00:59And I also did it for the votes because you did come out and vote. I will

01:03Today's signing we're pushing even further into the exciting new frontier

01:07Just as I promised last year the Genius Act creates a clear and simple regulatory

01:12framework to establish and unleash the

01:16immense promise of dollar backed stable coins

01:20This could be perhaps the greatest revolution in financial technology since the birth of the internet itself

01:27A lot of people are saying that I don't know. What do you guys think? Yes

01:31If you say yes, I'm saying yes

01:34This is not an auto pen by the way

01:47Which is a big scandal

01:50That were a republican it would really be a big scandal, but it is one of the great scandals of our time. Thank you very much everybody

02:04Thank you

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