WASHINGTON — President Donald Trump on Friday formally signed a first-of-its-kind bill setting new regulations for a specific type of cryptocurrency in what he deemed a “massive validation” for an industry he noted was rapidly on the rise.

”Nobody has gained the respect in such a short period of time,” Trump said of the industry. “But this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up.”

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President Donald Trump on Friday formally signed a first-of-its-kind bill setting new regulations for a specific type of cryptocurrency in what he deemed a “massive validation” for an industry he noted was rapidly on the rise

The legislation, called the GENIUS Act creates a federal framework of regulations and guardra

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