&imwidth=800&imheight=600&format=webp&quality=medium "Trump signs landmark crypto bill, the Genius Act, jokes ‘They named it after me’")
US President Donald Trump signed a landmark bill, the Genius Act, to regulate cryptocurrency on Friday, just a day after the bill passed the House despite some opposition from conservatives. The legislation, called the Genius Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market. Stablecoins are viewed as a relatively safe type of cryptocurrency, backed by assets that are seen as reliable, such as the dollar.
“This afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law,” said Trump.
“We worked hard. It’s a very important act, the GENIUS Act. They named it after me,” the president joked in the East Room to open the signing ceremony. “And I want to thank—I want to thank you. This is a hell of an act.”
“I also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won’t happen,” he added.
“The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
“I pledged that we would bring back American liberty and leadership and make the United States the Crypto Capital of the world—and that’s exactly what we’ve done.”
Members of Congress and top executives from crypto and financial firms like Robinhood, Tether, Gemini and others attended the signing ceremony at the White House.
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The legislation is a huge milestone for the once fringe industry, which has been lobbying Congress over regulation for years and dispensed millions into last year’s election, backing candidates that included Donald Trump.
The bill passed the House on Thursday with the support of 206 Republicans and 102 Democrats.
The fate of the Genius Act was in question earlier this week when a dozen conservatives stymied a procedural vote. A compromise was ultimately reached, and the holdouts allowed the legislation to proceed.
Lawmakers also approved two other cryptocurrency bills, capping what they dubbed the “Crypto Week” in Congress. The Clarity Act would regulate digital commodities beyond stablecoins, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing any retail central bank digital currency directly to Americans.
