Former US President Donald Trump signed the 'Guiding and Establishing National Innovation for US Stablecoins Act,' or the 'GENIUS Act,' into law on Friday, marking a significant decision.
WASHINGTON: Former US President Donald Trump has once again issued a stern warning to the BRICS nations (Brazil, Russia, India, China, and South Africa), urging them not to dream of challenging the global dominance of the US dollar. On Friday, Trump signed the 'Guiding and Establishing National Innovation for US Stablecoins Act' (GENIUS Act) into law, calling it a step that will give the US global leadership in the world of digital currency.
Trump jokingly stated, "This law is named GENIUS because I am a genius. This law is truly remarkable." However, his intention behind it is clear - to maintain America's lead in the digital financial system and further strengthen the dollar's position as the global reserve currency.
Direct Threat to BRICS: Don't Mess With the Dollar or the Alliance Will End Soon
After signing the GENIUS Act, Donald Trump sharply criticized the BRICS nations. He said, "There is a small group called BRICS, which is now rapidly weakening. These countries tried to challenge the global power of the US dollar, but I have made it clear that we will impose a 10% import duty (tariff) on any BRICS country."
Trump claimed that following his warning, no interest was shown in the BRICS meeting the very next day. He said, "If BRICS tries to weaken the dollar's power again, their alliance will end very soon." Trump emphasized, "If America loses its dollar's position as the global reserve currency, it would be like losing a world war. We will never let that happen."
What is the GENIUS Act and its Purpose?
According to Donald Trump, the main objective of the GENIUS Act is to create a clear and simple regulatory framework for American dollar-based stablecoins. Trump described this law as "the biggest revolution in financial technology after the internet." He said, "Through this law, America will emerge as a superpower in the world of digital currency and crypto."
He further added, "We promised that America would become the crypto capital of the world, and today we have fulfilled that promise." Trump also made it clear that Central Bank Digital Currencies (CBDC) will never be allowed in the United States. He said, "CBDCs pose a threat to the privacy of ordinary citizens, so America will not be a part of it."
Donald Trump praised the cryptocurrency community, saying, "You people were ridiculed for years, but you did not give up. This law is a victory for your hard work and passion." According to Trump, America will now show the world with the digital dollar that its role in financial innovation will always be supreme.
