Trump Signs Landmark GENIUS Act, Calling It a “New Frontier” for Crypto
President Donald Trump on Friday signed the GENIUS Act into law, a major piece of cryptocurrency legislation that establishes the first comprehensive federal framework for regulating stablecoins.
Speaking at a signing ceremony in the East Room of the White House, Trump hailed the bill as a step into “an exciting new frontier” for financial technology. The legislation passed the House just one day earlier with strong bipartisan support—206 Republicans and 102 Democrats voting in favor.
“This is a very important act—the GENIUS Act,” Trump said. “They named it after me,” he joked. “I want to thank you. This is a hell of an act.”
The GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, sets legal definitions, guardrails, and consumer protections for stablecoins—digital assets whose value is tied to stable assets like the U.S. dollar. The bill opens the door for banks, credit unions, and other institutions to issue dollar-backed stablecoins under federal oversight.
Trump Pushes for Crypto Clarity
The law marks a turning point in the U.S. government’s approach to digital currencies and follows Trump’s recent push to expand access to crypto in retirement accounts and financial markets.
Trump, along with Vice President JD Vance and tech adviser David Sacks, was credited with personally lobbying lawmakers to rescue the bill after it faced resistance from a small group of House conservatives. Trump claimed he made direct calls to persuade holdouts: “Hello, Jim, how are you? ‘Sir, you have my vote.’ Boom,” he said.
Executives from top financial and crypto firms—including Robinhood, Tether, Gemini, and Coinbase—attended the signing.
Industry Support and Broader Reforms
Supporters argue that stablecoins offer faster, cheaper transactions and could modernize the U.S. payment system. Sen. Bill Hagerty (R-TN), who sponsored the bill, previously said the technology could allow near-instant payments for consumers and businesses, replacing systems that take days or even weeks to settle transactions.
“This could be, perhaps, the greatest revolution in financial technology since the birth of the internet itself,” Trump said. “A lot of people are saying that.”
He also emphasized that the law strengthens the dollar by allowing stablecoins to be backed “one-for-one” with U.S. dollars or Treasury bills, effectively linking digital assets to the U.S. financial system.
“Crypto Week” on Capitol Hill
The GENIUS Act was one of three major crypto-related bills passed during what Republicans dubbed “Crypto Week” in Congress. Lawmakers also passed the CLARITY Act, which sets clearer rules for categorizing digital assets, and the Anti-CBDC Surveillance State Act, which blocks the Federal Reserve from issuing a government-backed digital currency directly to consumers.
Trump framed the GENIUS Act’s passage as a victory for innovation—and for crypto advocates long sidelined by Washington. “You were mocked and dismissed and counted out,” he told the crypto community. “But this signing is a massive validation.”
Controversy and Broader Agenda
The Trump administration has rejected criticism over possible conflicts of interest, as members of the Trump family have reported gains in their crypto holdings. The White House says the president’s assets are held in a trust managed by his children.
Friday’s signing came alongside other major political developments. The House also approved a $9 billion spending cut package, including reductions in foreign aid and funding for NPR and PBS. Trump is expected to sign that legislation soon and celebrated the move in a post on Truth Social.
Additionally, Trump ordered Attorney General Pam Bondi to seek the release of sealed grand jury material related to convicted sex offender Jeffrey Epstein, signaling increased pressure from lawmakers and the public to disclose more information.
Featured image from: reddit.com