#AltcoinBreakout

The White House is about to sign the first comprehensive national legislation for digital currencies

The BBC reported that the White House is preparing to sign the first comprehensive national legislation regulating the digital currency market in the United States, in a historic move representing a radical shift in Washington's approach to a sector that was recently described as "marginal."

The U.S. House of Representatives approved the "Genius Act" yesterday evening, and President Donald Trump is expected to officially sign it today, making it the first explicit federal framework regulating the use of "stablecoins," a type of digital currency backed by traditional assets like the U.S. dollar or low-risk bonds.

The BBC notes that the law constitutes one of three major pieces of legislation clearly supported by the Trump administration, despite the fact that he was among the most prominent critics of cryptocurrencies previously, describing them as a "scam," before changing his stance in light of the significant financial and political support he received from this sector during the last elections, in addition to becoming a business partner in companies operating in the field, most notably World Liberty Financial.