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White House Crypto Czar: Trump Will Continue to Support the <i>CLARITY Act</i> to Fulfill His Campaign Promise to the Crypto Space
BlockBeats News, July 19th. The White House Crypto and AI Czar, "Crypto Tsar" David Sacks, posted today announcing that President Trump has once again achieved a historic milestone - he officially signed the "GENIUS Act," establishing a legal framework for stablecoins. This act will drive the development of the U.S. crypto industry in the following ways:
· Establish clear regulatory rules, moving away from the past four years of "regulation through litigation"
· Innovate traditional payment systems based on blockchain technology
· Cement the dominance of the U.S. dollar through a globally available digital dollar
According to the act, each digital dollar in a crypto wallet will correspond to an equivalent dollar reserve in a U.S. bank account, creating a demand for trillions of dollars in U.S. Treasury bonds. This is another testament to President Trump's promises. Additionally, the House has passed the "CLARITY Act" (Market Structure Act), which President Trump has expressed support for upon its passage in the Senate. President Trump had vowed to make the U.S. the world's crypto hub, and now this promise is being fulfilled.
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