Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.
President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.
“The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said Friday at a White House ceremony. “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
The measure sets regulatory rules for US dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Advocates see it as allowing for the broader adoption of digital assets in finance. Senior Treasury officials who briefed reporters on the bill earlier Friday on condition of anonymity said it would provide more certainty to stablecoin issuers, allow for innovation in and adoption of digital assets and help extend the dominance of the US dollar. They said it would provide issuers with strict requirements for backing stablecoins with cash or short-term Treasury debt.
Today's show features:
- Frank Speiser, CEO of Metafide on “Crypto Week” and the US Congress passing the first federal legislation to regulate stablecoins
- Katie Hubbard, EVP of Capital Markets for Walton Global on housing data and the US real estate market
- Bloomberg News White House Editor Jordan Fabian with the latest from the White House including and President Trump seeking the release of grand jury testimony from the prosecution of Jeffrey Epstein
- Gerard Cassidy, Head of US Bank Equity Strategy and Large Cap Bank Analyst at RBC Capital Markets with a recap of this week’s financial sector earnings
See omnystudio.com/listener for privacy information.
