A big shift just hit the world of digital money, and it could ripple from Washington to the Finger Lakes. On Friday, July 18, 2025, President Trump signed the GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins. This marked the first time the U.S. has passed a national law focused entirely on regulating stablecoins.
​With the federal government bringing in new stablecoin rules, the crypto area is quickly changing thanks to fresh ideas and exciting new creations. Many crypto developers are working to make digital currencies easier for daily life. Both regulators and tech people want this. An example is BTC Hyper, which uses new “Layer-2” methods to make Bitcoin work faster and for less money. Such technology breakthroughs are arriving as rule-makers are at last keeping pace, particularly with laws.
With the GENIUS Act now signed into law, the way crypto works in places like New York and even parts of the Finger Lakes could start to change in big ways. These digital assets are designed to keep a steady value, usually tied to the U.S. dollar. People are starting to use them more often for everyday crypto payments. Until now, there was no consistent federal rulebook. Now, the GENIUS Act requires stablecoin issuers to have real, dollar-backed reserves like insured bank funds or short-term Treasury bills.
With the new law in place, crypto companies operating in New York come under direct federal oversight and will need to follow both state and federal rules, which could make things more complex, but also more consistent nationwide. Some experts think New York’s approach may even help guide how the new federal law is enforced.
The President sees the new policy as a clear example of how American thinking can shape the future. He feels it would protect buyers and help America be number one in digital money laws. Crypto bosses are pleased, stating the new law clearly shows how stablecoins should work in America.
However, in New York, where crypto regulation is already tough, the news has stirred mixed reactions. The state’s Department of Financial Services (DFS), led by Superintendent Adrienne Harris, has long enforced strict crypto rules under the state’s BitLicense system. New York has also already published its own guidance for how stablecoins should be backed and audited.
Attorney General Letitia James in New York called the federal law a “handout to businesses” that might cut down on state supervision. She warned that the federal law doesn’t go far enough to protect consumers and is pushing for even tighter rules and stronger protections for everyday users.
Back in the Finger Lakes, the news may not seem directly connected, but there’s a link. Even though the GENIUS Act is mostly about stablecoins, any big change in federal crypto rules can affect the whole industry. This includes places that mine Bitcoin and use a lot of power, like the Greenidge plant. Environmental protectors and locals are worried about crypto mining’s damage to nature.
The federal government is expected to release further guidance later this year, and the first stablecoin licenses could roll out in early 2026.
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