In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins. The GENIUS Act creates rules for entities that issue stablecoins, whose value is tied to an asset like the US dollar. Those rules govern who’s allowed to issue stablecoins, how they need to maintain reserves, what happens in the case of bankruptcy, and an obligation to prevent money laundering. Trump congratulated members of the crypto industry who attended the signing ceremony at the White House, including the CEOs of Coinbase and Tether. Sen. Josh Hawley (R-MO) criticized the bill as “a huge giveaway to Big Tech,” citing concerns it would incentivize companies that issue stablecoins to collect more financial data on consumers.