President Donald Trump signed the GENIUS Act into law on Friday inside the White House, following through on a key campaign promise to support crypto.
Surrounded by Republican lawmakers and crypto executives, Trump finalized the bill that brings in new rules for stablecoins, officially locking in Congress’s first real attempt to regulate crypto.
According to the fact sheets, the law gives stablecoins a defined legal structure. It also cements crypto’s growing influence in Washington, putting the industry in front of the cameras and into official U.S. policy. Trump didn’t hold back when speaking to the crowd.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself,” he said. “A lot of people are saying that. What do you guys think? If you say yes, I’m saying yes.”
Trump praises allies, highlights crypto campaign gains
Trump was joined at the signing by several Republican leaders who helped get the bill passed. He named Senator Bill Hagerty of Tennessee, who wrote the legislation; House Financial Services Chair French Hill of Arkansas; House Majority Whip Tom Emmer of Minnesota; and Speaker Mike Johnson. Industry names were also recognized: Brian Armstrong of Coinbase, Jeremy Allaire of Circle, and Paolo Ardoino of Tether.
“This signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up,” Trump said to the crypto execs in the room.
Trump used the 2024 election to push pro-crypto policies in contrast to the Biden administration’s tougher stance. “It’s good for the dollar and it’s good for the country,” he said. “And that’s why I backed you at an early stage. And I also did it for the votes, because you did come out and vote, I will say.”
But Trump’s connection to crypto isn’t just about policy. Bloomberg found that he’s made around $620 million from crypto projects during his second term. That includes $460 million from World Liberty Financial, a decentralized finance firm that sells its own tokens.
The Trump family has a financial stake in that venture. On top of that, Reuters reported that Trump’s meme coin, called $TRUMP, has pulled in about $320 million in fees, although it’s unclear how much of that cash has gone directly to entities Trump controls.
Democrats blast the bill as a conflict of interest
The bill wasn’t met with universal applause. Democrats, led by Senator Elizabeth Warren of Massachusetts, have raised alarms over Trump’s deepening ties to the crypto space.
“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of Trump’s USD1,” Warren said on the Senate floor back in May. “And, for the first time in American history, this bill will make our President, Donald Trump, the regulator of his own financial product.”
Republicans didn’t stop with the GENIUS Act. The GOP-controlled House also passed two more crypto-focused bills this week. The first, which cleared in a 219-210 vote without Democratic support, would prevent the Federal Reserve from creating a central bank digital currency.
The second one, called the Clarity Act, passed by 294-134 and would reduce the SEC’s authority over crypto, giving the industry more room to operate. Seventy-eight House Democrats joined Republicans in voting for it.
Trump closed out the signing by promising more expansion. “We’re going to be growing it even more,” he said about the crypto industry, “more than anyone ever thought.”
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