PANews reported on July 19 that David Sacks, the White House's director of cryptocurrency and artificial intelligence, tweeted, "President Trump signed the GENIUS Act, which establishes a legal framework for stablecoins. This bill will unlock the United States' dominance in the cryptocurrency industry by establishing clear rules and reversing the "prosecution-style regulation" model of the past four years. It will replace outdated payment methods with a revolutionary new payment system based on blockchain. In addition, it will expand the dollar's global dominance by creating a globally universal digital dollar."