These moves reflect a sharp pivot from regulatory hesitancy to an assertive embrace of cryptocurrency infrastructure. In the administration’s framing, digital identities are not merely compliance tools, but rather they are a foundational enabler for both security and innovation. The GENIUS Act establishes a regulatory framework for dollar-backed stablecoins and requires issuers to maintain strict reserves, sets redemption requirements, and classifies them as financial institutions under the Bank Secrecy Act.