Trump signs GENIUS Act for stablecoin regulation
July 18 (UPI) -- President Donald Trump on Friday signed the GENIUS Act, which regulates dollar-based digital tokens called stablecoins and is the first major law governing digital currency.
On Thursday, the U.S. House voted 308-122 for the Guiding and Establishing National Innovation for U.S. Stablecoins Act. In June, the Senate passed the bill 68-30 with at least 60 votes needed for passage.
With congressional leaders and industry leaders in the White House's East Room, he said: "This could be perhaps the greatest revolution of financial technology since the birth of the Internet itself."
Trump has become a big ally of the crypto industry since his 2024 presidential campaign after calling it a "scam."
Stablecoins are tied to tangible assets, such as the U.S. dollar, to make them more stable in comparison to other types of cryptocurrencies that derive their value from market demand.
Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation.
Stablecoins must be fully backed by U.S. dollars or similar liquid assets, along with mandated annual audits for issuers with more than $50 billion in market capitalization and added language on foreign issuance.
Trump said "we take a giant step to cement the American dominance of global finance and crypto technology."
He named David Sacks as his crypto and artificial intelligence czar early his in second presidency.
On March 6, Trump signed an executive order establishing the Strategic Bitcoin Reserve capitalized with Bitcoin that the U.S. Treasury seized through criminal and civil forfeiture.
A crypto market structure legislation has been delayed in the Senate. The House passed the Digital AssetMarket Clarity Act, for clarity and regulatory framework for digital assets.
Some Democrats were concerned about foreign issuers, anti-money laundering standards, potential corporate issuance of stablecoins and Trump's deepening ties to crypto ventures.
Massachusetts Sen. Elizabeth Warren, who voted against the legislation, said: "Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires and from large corporations. By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion."
His affiliated venture, World Liberty Financial, launched its stablecoin. Trump Media is planning to build a multi-billion-dollar Bitcoin treasury. And American Bitcoin, a mining firm backed by his sons, Eric Trump and Donald Trump Jr., is planning to go public via a Gryphon merger.
Trump and his wife, Melania, launched meme coins days before his inauguration on Jan. 20.
On May 22, Trump invited the top 220 holders of his $TRUMP meme to a private dinner at Trump National Golf Club in Sterling, Va.
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