President Trump on Friday signed into law new cryptocurrency regulations, marking a major step toward legitimizing the crypto-trading industry.
Surrounded by Republican lawmakers and crypto industry leaders in the White House East Room, Trump signed the Genius Act, delivering on one of his key legislative priorities.
“With today’s signing, we’re pushing even further into the exciting new frontier, just as I promised last year, the Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said during the signing ceremony.
Stablecoins are a type of cryptocurrency designed to maintain a consistent value by tying their worth to a more stable asset, such as the U.S. dollar or commodities like gold.
“This could be perhaps the greatest revolution in financial technology since the birth of the Internet itself,” said the president.
Bloomberg News reports that the Trump Organization has earned hundreds of millions of dollars in the budding cryptocurrency industry.
The Genius Act — “Guiding and Establishing National Innovation for U.S. Stablecoins Act” — passed Congress on Thursday, with the House overwhelmingly approving the first major overhaul of cryptocurrency regulations.
The legislation marks a significant win for Trump and a major boost for the crypto industry, as it is expected to help solidify digital assets as a mainstream component of the financial system, the Washington Times reported.
The president pointed to the lawsuits and intense scrutiny the crypto industry faced under the Biden administration, stating that the entire crypto community had been “mocked, dismissed, and counted out.”
“This signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up. A lot of people would have given up two or three years ago,” Trump said. “I want to thank you for contributing to the incredible strength of America. This is going to make it stronger. And congratulations on this incredible achievement.”
Trump noted that during the 2024 campaign, he became the first presidential candidate in history to speak at the Bitcoin Conference.
“And at that time, crypto builders and founders were under relentless assault by the Biden administration, which was trying to crush your industry. … and I got the greatest applause of the whole campaign. We fired Joe Biden’s SEC chair, Gary Gensler. We fired him,” he said to cheers from the crowd in the East Room.
Robinhood CEO Vlad Tenev, who attended the event, said he was impressed by how quickly the administration has been collaborating with Congress.
“This is a lot of legislation and it’s complex, and the partnership and collaboration with industry has also been quite strong,” Tenev told the Washington Times.
“I know a lot of people quibble about some details, and there’s always things that could be improved, but I think it’s been incredibly strong,” he said. “It’s a great start to making the US the global leader in digital assets.”
Other tech industry leaders at the event included Dave Ripley of Kraken, Brian Armstrong of Coinbase, Paolo Ardoino of Tether, Jeremy Allaire of Circle, and Cameron and Tyler Winklevoss of Gemini Exchange.
The House approved the Senate-passed GENIUS Act in a 308-122 vote, with more than 100 Democrats—including Minority Leader Hakeem Jeffries of New York—joining the majority of Republicans in backing the bill.
Earlier in the week, Trump traveled to Pennsylvania to showcase “an unprecedented $92 billion commitment to cutting-edge AI and energy initiatives — ignited widespread acclaim for the Trump Administration’s vision as the catalyst for unparalleled growth and opportunity,” the White House announced in a statement.
“Thank you so much for your leadership, for your clear and urgent direction that our nation invests in AI in the infrastructure, technology, and energy needed to unlock the extraordinary capabilities and really enable America to continue to lead,” said Google CIO and president Ruth Porat.