Thank you.

Thank you very much.

Yeah, we worked hard.

It's a very important act, the genius act.

They named it after me, and I want to thank you.

I want to thank you.

This is a hell of an act.

On July 18, President Trump signed the Genius Act at the White House, a law creating a light-touch

regulatory framework for stable coins, a kind of crypto.

And when that happened, a crypto company called BitGo celebrated, with a message on its website saying, the wait is over.

I asked New York Times reporter Ryan Mack to explain.

I knew you'd start with this question about this very strange crypto company, but not strange, but it's for the layperson, a crypto infrastructure company.

So storage of your cryptocurrencies, they don't quite do transactions. It's not like a marketplace

like Coinbase, but it's everything, you know, storage, it's moving things between wallets,

that kind of thing, security. And why was the Genius Act a big deal for them?

So the Genius Act was about something called stablecoins,

which are cryptocurrencies pegged to the dollar,

and they allow for the ease of trade of other cryptocurrencies.

The problem with Bitcoin, for example,

is that it's not the easiest thing to transact in Bitcoin.

You know, the price fluctuates so much.

And so you kind of want something that's more stable, something like the US dollar, where you can trade it and you know the value of it and you can transact in it.

...