PANews reported on July 19 that David Sacks, director of cryptocurrency and artificial intelligence at the White House, tweeted, "President Trump signed the GENIUS Act to build a legal framework for stablecoins. This bill would undo the U.S. dominance in the crypto industry by setting clear rules that would reverse the pattern of "prosecution-style regulation" 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 It will replace outdated payment methods with a revolutionary new payment system based on blockchain.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 global digital dollar. ”