On Friday, President Trump enacted new regulations for cryptocurrency, representing a significant advancement in legitimizing the crypto-trading sector.
In the White House East Room, flanked by Republican lawmakers and leaders from the crypto industry, Trump endorsed the Genius Act, fulfilling one of his primary legislative goals.
“With today’s signing, we are advancing further into this exciting new frontier. As I promised last year, the Genius Act establishes a clear and straightforward regulatory framework to unlock the vast potential of dollar-backed stablecoins,” Trump stated during the signing event.
Stablecoins are a category of cryptocurrency intended to preserve a stable value by linking their worth to a more stable asset, such as the U.S. dollar or commodities like gold.
“This could potentially be the most significant revolution in financial technology since the inception of the Internet itself,” the president remarked.
According to Bloomberg News, the Trump Organization has generated hundreds of millions of dollars within the emerging cryptocurrency sector.
The Genius Act — officially titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” — was approved by Congress on Thursday, with the House overwhelmingly endorsing the first substantial reform of cryptocurrency regulations.
This legislation signifies a notable victory for Trump and a considerable enhancement for the crypto industry, as it is anticipated to reinforce digital assets as a fundamental element of the financial system, as reported by the Washington Times.
The president highlighted the lawsuits and rigorous scrutiny that the crypto industry encountered during the Biden administration, asserting that the entire crypto community had been “mocked, dismissed, and counted out.”
“This signing represents a significant endorsement of your dedication, innovative spirit, and resilience. Many individuals would have surrendered two or three years ago,” Trump stated. “I wish to express my gratitude for your contribution to the remarkable strength of America. This will enhance it further. Congratulations on this outstanding accomplishment.”
Trump highlighted that during the 2024 campaign, he made history as the first presidential candidate to address the Bitcoin Conference.
“At that moment, crypto developers and founders faced unyielding opposition from the Biden administration, which sought to undermine your sector. … and I received the most enthusiastic applause of the entire campaign. We dismissed Joe Biden’s SEC chair, Gary Gensler. We dismissed him,” he proclaimed to the crowd’s cheers in the East Room.
Robinhood CEO Vlad Tenev, present at the event, expressed his admiration for the swift collaboration between the administration and Congress.
“This involves a substantial amount of legislation, and it is intricate, yet the partnership and cooperation with the industry have been notably robust,” Tenev remarked to the Washington Times.
“I understand that many people debate certain specifics, and there are always areas for improvement, but I believe it has been exceptionally strong,” he added. “This marks an excellent beginning for positioning the US as the global leader in digital assets.”
Other prominent figures from the tech industry 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 passed the Senate-approved GENIUS Act with a vote of 308-122, with over 100 Democrats—including Minority Leader Hakeem Jeffries of New York—aligning with the majority of Republicans to support the legislation.
Earlier this week, Trump visited Pennsylvania to present “an unprecedented $92 billion commitment to advanced AI and energy initiatives — which sparked widespread praise for the Trump Administration’s vision as a driver of unmatched growth and opportunity,” as stated by the White House in an announcement.
“I greatly appreciate your leadership, as well as your clear and urgent guidance that our nation should invest in AI within the infrastructure, technology, and energy sectors necessary to unleash extraordinary capabilities and truly empower America to maintain its leadership position,” remarked Ruth Porat, Google CIO and president.