Trump signs GENIUS Act, heralds new era for crypto.
President Trump Signs Landmark Cryptocurrency Regulation Bill
President Trump signed the GENIUS Act, a bill regulating cryptocurrency, one day after it passed the House. The legislation establishes regulations for the $250 billion stablecoin market, which are considered a safer form of cryptocurrency as their value is tied to other assets like the dollar. The bill received support from 206 Republicans and 102 Democrats in the House.
At the White House, President Trump humorously acknowledged the significance of the GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins. The bill was saved from uncertainty earlier in the week after a compromise was reached with conservative holdouts. The legislation was supported by key figures from the crypto and financial sectors at the signing ceremony.
The GENIUS Act sets up guardrails and consumer protections for stablecoins, creating a legal category for them and allowing banks and other institutions to issue their own stablecoins. Stablecoins are praised for their stability and ability to facilitate quick and cost-effective financial transactions. The bill's sponsor, Sen. Bill Hagerty, highlighted the potential of stablecoins to revolutionize payment settlements.
In addition to the GENIUS Act, two other cryptocurrency bills were approved during what Republicans dubbed "Crypto Week" in Congress. The Clarity Act regulates digital commodities beyond stablecoins, while the Anti-CBDC Surveillance State Act restricts the Federal Reserve from issuing retail central bank digital currency directly to Americans. These legislative efforts aim to integrate digital currency into the mainstream financial system.
The signing of the GENIUS Act coincided with President Trump's decision to pardon Ross Ulbricht, the founder of Silk Road. The bill was part of a series of legislative actions, including a rescissions package clawing back $9 billion in foreign aid and public broadcasting funding. The House passed the package after overcoming delays related to demands for the release of Jeffrey Epstein case files.
President Trump's call for the release of grand jury material related to Epstein's case has drawn attention, with Attorney General Pam Bondi prepared to seek court approval for unsealing the transcripts. The president's push for transparency in the Epstein case comes amid ongoing scrutiny of the Justice Department's handling of the matter.