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White House officials: The GENIUS Act will establish a legal framework for stablecoins, helping the U.S. lead the encryption industry.
[Chain News] PANews reported on July 19 that David Sacks, the White House's crypto assets and artificial intelligence director, stated, "President Trump has signed the GENIUS Act, which establishes a legal framework for stablecoins. This legislation will reverse the past four years of 'enforcement-based regulation' by creating clear rules, thus unlocking the United States' dominance in the crypto assets industry. It will replace outdated payment methods with a revolutionary new payment system based on Blockchain. Additionally, it will enhance the dollar's global dominance by creating a universally accepted digital dollar."