What Trump's new crypto bill means for you

Change is coming to our cryptocurrency market.

Last Friday, President Trump signed the GENIUS Act, the country’s first major cryptocurrency law. 

It will create a regulatory framework for stablecoins, a type of cryptocurrency that’s value is tied to assets like the U.S. dollar. Supporters say the bill will modernize our financial system, but others say the legislation won’t do enough to protect consumers. 

Here in Washington, crypto has a… mixed reputation. Last month Spokane’s city council voted to ban crypto ATMs from within city limits. And, in rural Washington, cryptomining operations have led to concerns about environmental impact and energy costs.

But, crypto also has supporters in our tech hub state. And the digital funds have played a part in some of our elections – like last year, when a crypto PAC gave close to $1.5 million for ads supporting Democratic State Senator Emily Randall. 

So, what does this new regulation mean for Washington state?

Guest:

• Brady Dale, a cryptocurrency reporter at Axios.

Related stories:

• Why PNW officials are only now deciding crypto mining regulation - The Seattle Times
• 2 Democrats, 1 Republican face off in competitive WA 6th District race - The Seattle Times

Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/soundsidenotes.

Soundside is a production of KUOW in Seattle, a proud member of the NPR Network.

See omnystudio.com/listener for privacy information.