President Donald Trump signed the GENIUS Act into law on Friday, establishing the first major regulatory framework for stablecoins —a type of cryptocurrency pegged to stable assets, such as the U.S. dollar, to minimize price volatility.
The legislation, which passed the House 308-122 and the Senate with strong bipartisan support, marks a milestone for the crypto industry’s push for legitimacy.
The signing ceremony in the White House East Room, attended by approximately 200 people, including Republican lawmakers and executives from firms such as Robinhood, Tether, and Gemini, followed a week dubbed “Crypto Week” in Congress.
The House also passed the Clarity Act to regulate digital commodities and the Anti-CBDC Surveillance State Act to block the Federal Reserve from issuing retail central bank digital currencies.
“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, per CBS News. “This could be, perhaps, the greatest revolution in financial technology since the birth of the Internet itself. A lot of people are saying that.”
The law aims to boost consumer confidence in the $250 billion stablecoin market by setting guardrails and protections. Trump highlighted its potential to strengthen the U.S. dollar, stating it provides banks a framework for issuing crypto assets backed “one-for-one” with dollars and Treasury bills, enabling a “21st-century upgrade” for the financial system.
“For years you were mocked and dismissed and counted out,” Trump told crypto executives. “… This signing is a massive validation of your hard work and your pioneering spirit.”
Trump added, “It’s a very important act, the GENIUS Act. They named it after me,” drawing laughs from supporters.
The bill faced resistance from a dozen conservative House members, but Trump and Vice President J.D. Vance personally intervened, calling holdouts to persuade them to support the bill.
“The good news is, I call up, ‘Hello, Jim, how are you?’ ‘Sir, you have my vote.’ Boom. ‘Sir, you have my vote,’” Trump said.
Trump’s embrace of crypto aligns with his personal financial ventures. A Bloomberg analysis estimates that he has earned $620 million from cryptocurrency, including $460 million from World Liberty Financial, a decentralized platform that sells branded tokens in which the Trump family holds a stake, as reported by USA Today.
His $TRUMP meme coin has generated $320 million in fees, Reuters reported, though the amount directly benefiting Trump-controlled entities is unclear. A May dinner at Trump’s Virginia golf club for 220 investors raised $148 million for the $TRUMP coin, prompting ethics concerns from Democrats.