Donald Trump, President of the United States (US), has signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on Friday — a landmark piece of legislation that creates federal regulations surrounding digital currency.
Prior to signing the Bill, the US President narrated how he previously promised to make the U.S. the “crypto capital of the world” while making a keynote address during a bitcoin conference in Nashville, Tennessee, in July 2024, where he said that regulations his administration would put in place would be “written by people who love your industry, not hate your industry.”
The White House posted on X: “President Trump is delivering on his promise to MAKE AMERICA THE CRYPTO CAPITAL OF THE WORLD
“The GENIUS Act protects consumers in the digital market, ensures U.S. dollar global reserve currency status, and combats illicit digital asset activity.”
Trump said on Friday, “I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world.
“And that’s what we’ve done. And under the Trump administration, this is only going further.”
Stablecoins are a form of digital currency tied to a stable asset like gold or the U.S. dollar, with the aim to make their prices stay more consistent.
The 47th US Leader continued, “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 stablecoin
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
Encompassed in the GENIUS Act are provisions that require public disclosure on a monthly basis of reserve competition, as well as annual audited financial statements for issuers with more than $50 billion in market capitalization, according to the Senate Banking Committee, which initiated the legislation.
Tom Emmer, Majority Whip, at a press conference on Thursday, said: “For far too long, America’s digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration’s anti-crypto crusade.
“But President Trump and this Congress are correcting course and unleashing America’s digital asset potential with historic, transformative legislation.”
Photo: President Donald Trump delivers remarks during a signing ceremony for the “GENIUS Act” in the East Room of the White House on Friday 18 July, 2025, in Washington.
