Breaking: GENIUS Act Becomes First Major Crypto Legislation as Trump Signs Bill
Highlights
- Trump signed the GENIUS Act at a signing ceremony at the White House.
- This comes just a day after the U.S. House passed the bill, paving the way for the president's signature.
- The legislation will regulate stablecoin issuers and provides legitimacy for stablecoins.
The crypto industry has just witnessed a historic moment, following the enactment of the first federal crypto legislation in the U.S. This development comes after Donald Trump signed the GENIUS Act into law, providing regulatory clarity for issuers such as Tether, Circle, and Ripple.
Donald Trump Signs GENIUS Act Into Law
The U.S. president signed the stablecoin bill into law during a signing ceremony at the White House. With this, the bill officially becomes law, marking the first major regulation that the crypto industry can point to.
Notably, the signing comes just a day after the U.S. House passed the GENIUS Act alongside the CLARITY and Anti-CBDC Acts. The stablecoin bill gained overwhelming bipartisan support, with 308 representatives voting in favor of passing it.
This development follows years of regulatory uncertainty, particularly under the Biden-led administration, which led to a regulation-by-enforcement approach by the U.S. Securities and Exchange Commission (SEC). The SEC, under Gary Gensler, has instituted several actions against crypto firms, including Ripple and Coinbase.
Now, stablecoin issuers have regulatory clarity as the GENIUS Act clearly states their obligations and the fact that they must hold 100% reserves equal to the coins in circulation. Trump has also declared that this bill will put the U.S. ahead of China and Europe. At the signing, he also stated that the Act will ensure that the United States achieves global dominance in cryptocurrency technology.
With stablecoin regulation in place, the crypto industry will now turn its attention to the CLARITY and Anti-CBDC Acts, which need to pass in the Senate before reaching the president’s desk.
Reactions To The Crypto Bill Signing
In an X post, pro-crypto Cynthia Lummis put out a statement on the signing of the GENIUS Act. She stated that today marks a watershed moment for digital assets as President Trump signed the first-ever comprehensive digital assets law.
She noted that this will secure America’s leadership in the digital economy and cement the dollar’s global dominance. Meanwhile, Coinbase’s CEO described it as a surreal moment.
He remarked that the signing of the first federal crypto into law ushers in a new era for crypto, one that starts today for stablecoins. Armstrong added that the market structure will be next and that they are committed to the White House’s September 30 deadline.
In his press release, SEC Chair Paul Atkins stated that the GENIUS Act provides necessary guidance for a crucial element of the crypto ecosystem. He further remarked that clear payment stablecoin regulation enables companies and individuals to transact more cost-effectively.
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