The landmark cryptocurrency legislation was signed into law by President Trump on Friday. President Donald Trump signed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act) into law on Friday in a live ceremony. The legislation sets regulations for stablecoins and was passed in a bipartisan vote of 308 to 122. At the signing ceremony, Trump said he wants to make the U.S. the "crypto capital of the world." The GENIUS Act makes it law that "permitted payment stablecoin issuers" must hold reserves for every dollar of stablecoins offered.