Crypto execs to attend US stablecoin bill signing after Thursday vote

Several prominent crypto executives attended the signing ceremony of the US stablecoin bill, known as the GENIUS Act, which was signed into law by President Donald Trump on Friday following the House of Representatives' bipartisan vote on Thursday.

Key figures present included Ripple Chief Legal Officer Stu Alderoty, Circle CEO Jeremy Allaire, Chainlink Labs co-founder Sergey Nazarov among others.

The GENIUS Act establishes the first federal regulatory framework for stablecoins, cryptocurrencies pegged to stable assets like the US dollar.

The law is designed to make it easier for banks to issue stablecoins and aims to increase transparency and consumer protections within the stablecoin market.

The signing ceremony at the White House included many crypto industry leaders and high-ranking Republican lawmakers, signaling strong government support for the legislation, which seeks to cement the United States' leadership in global crypto technology.

The Act will go into effect 18 months or 120 days after the Treasury and Federal Reserve finalize related regulations. The timing is set to come after the US midterm elections, which may temper political use of the industry's performance as a campaign issue.

President Trump framed the bill as a "massive validation" of the crypto industry's pioneering efforts and called the GENIUS Act a "giant step to cement American dominance of global crypto technology".

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