President Trump Signs Stablecoins Act into Law
President Donald Trump has signed the Guidelines and Establishment of US National Innovation Stablecoins (Genius) Act into law, a move that establishes a regulatory framework for stablecoin payments in the United States.
This legislation was officially enacted on a Friday, and it aims to provide clarity on how these digital assets can be regulated. In fact, during the Bitcoin Conference in Nashville last July, Trump recalled his commitment to making the U.S. the “crypto capital of the globe.”
“We have pledged to regain America’s freedom and leadership and make America the world’s crypto capital,” he stated. “That’s what we did, and under my administration, this will go even further.”
He added, “As I promised last year, the genius acts create a clear, simple regulatory framework to unlock the immense potential of dollar-backed stubcoins. This could be the biggest revolution in financial technology since the Internet.”
The Genius Act, as outlined by the Senate Banking Committee, mandates monthly public disclosures of reserve competition and requires annual audited financial statements from companies with market capitalizations exceeding $50 billion.
The House of Representatives approved the bill with a vote of 308-122 after it passed through the Senate, where it received a vote of 68-30 earlier in June.
“For far too long, the U.S. digital asset industry has been hindered by vague regulations and the previous administration’s negative stance on crypto,” a Republican congressman from Minnesota remarked, emphasizing the transformative nature of the new law.
Among the Republicans who initially opposed the Genius Act were twelve members who later changed their votes after discussions and concessions, including promises related to the NDAA. However, Representative Marjorie Taylor Greene from Georgia remained opposed, expressing concerns that the legislation could lead to a government-controlled cashless society.
Criticism of the law also came from Democrats like Maxine Waters, who highlighted issues of conflict of interest regarding the bill.
“By passing this bill, Congress will signal that it’s acceptable for corruption and foreign influence operations to thrive,” Waters warned.
Besides the Genius Act, the House also moved forward with two additional measures concerning cryptocurrency. These include the Clarity Act in the Digital Asset Market, which focuses on further regulatory frameworks, and the Anti-CBDC Surveillance National Law aimed at safeguarding American financial privacy by limiting the Federal Reserve’s control over central bank digital currency.
