Trump Passes GENIUS Act, Marking First Stablecoin Law in the US
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Highlights:
- Trump signed the GENIUS Act after delays and called it a big step for crypto.
- New law sets strict stablecoin rules, including full backing and yearly audits.
- Crypto leaders and top firms join the White House, praising the law as a historic moment.
After facing delays in the House and Senate, US President Donald Trump has officially signed one of his administration’s first crypto and blockchain-related bills into law. The signing took place on Friday during a special ceremony attended by top Republicans and several crypto industry leaders. Trump approved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, marking a major step forward for stablecoin regulation in the country. During the event, he made a light joke, saying the bill was named after him.
Advertisement
During the ceremony, Trump said the country was making a major move in global finance. He noted that the GENIUS Act would help strengthen America’s position in crypto technology. Trump also suggested the previous administration didn’t really understand the crypto space. He added that many people seemed to be arrested back then without any clear reason.
.@POTUS: "The GENIUS Act — they named it after me." 🤣 pic.twitter.com/TpqvTCmNxO
— Rapid Response 47 (@RapidResponse47) July 18, 2025
Trump Signs GENIUS Act to Regulate Stablecoins and Boost Crypto
Trump described the signing as a major show of confidence in the cryptocurrency sector, calling it a “massive validation” for the industry. The legislation lays out a comprehensive federal structure to regulate stablecoins. It requires that all stablecoins be entirely backed by U.S. dollars or highly liquid equivalents. Additionally, it mandates yearly audits for issuers whose market value exceeds $50 billion. The bill also outlines specific standards for the issuance of stablecoins from outside the United States.
The GENIUS Act passed in the U.S. House of Representatives on Thursday with a 308-122 vote. It had already cleared the Senate, so it was sent to Trump for final approval. The process of getting GENIUS passed wasn’t smooth. A few Republicans broke away from their party and voted against it during two earlier steps.
Crypto Leaders Celebrate GENIUS Act as Major Win
Trump acknowledged the presence and support of several leading figures from the crypto world who attended the event. Among them were Kraken’s co-CEO David Ripley, Coinbase CEO Brian Armstrong, Gemini founders Cameron and Tyler Winklevoss, Circle’s Jeremy Allaire, Tether’s Paolo Ardoino, and Robinhood CEO Vladimir Tenev.
Trump read from a prepared speech and said people had long ignored and mocked the crypto community. He mentioned that even just a year and a half ago, many people didn’t believe in them. But now, this new law finally recognizes their hard work and ideas.
White House leaders and crypto fans shared their excitement on X as they awaited the bill signing. Circle CEO Jeremy Allaire shared that he was heading to the White House for the GENIUS Act signing. He said it might be one of the biggest finance laws in many years. He also said the world’s money system could now be entering the internet age.
En route to the @WhiteHouse for the historic signing of the GENIUS Act, one of the most transformative pieces of legislation in decades. Global financial system, welcome to the Internet!
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) July 18, 2025
Moreover, Anchorage Digital CEO Nathan McCauley posted about the moment, saying he felt honored to be at the White House. He called GENIUS the first big digital asset law to pass Congress after years of work from both the public and private sides. McCauley added that it was a good time to reflect on the journey and feel hopeful about what’s ahead.
Honored to be in Washington today, heading to the @WhiteHouse as the GENIUS Act becomes law.
GENIUS is the first major digital asset legislation to clear Congress after years of public and private effort led to this bipartisan milestone.
Taking a moment to appreciate what it… pic.twitter.com/bF4vJCrQ1Z
— Nathan McCauley ⚓ (@nathanmccauley) July 18, 2025
eToro Platform
Best Crypto Exchange
- Over 90 top cryptos to trade
- Regulated by top-tier entities
- User-friendly trading app
- 30+ million users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.
Advertisement
