US President, Donald Trump on Friday signed the first major federal law regulating cryptocurrency in the US, marking a major shift in national policy and deepening his administration’s support for the digital currency industry.
The new law, known as the GENIUS Act, focuses on stablecoins—cryptocurrencies tied to assets like the US dollar—and is designed to boost public trust and adoption.
Passed with bipartisan support in both chambers of Congress, the law brings much-needed regulatory clarity.
It also makes it easier for banks and other financial institutions to issue stablecoins, which is expected to grow the industry.
“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 under the Trump administration,” Trump said during the signing ceremony.
Trump, who once criticized crypto, has since become one of its biggest political champions. On the campaign trail, he called the industry a “very powerful” one that the US has “dominated.”
The bill’s passage is a major win for Republican Rep. French Hill, chairman of the House Financial Services Committee.
“Our years of diligent work in Congress to bring clarity to payment stablecoins have reached a historic turning point,” Hill said. “President Trump called on Congress to send him landmark legislation to his desk by August, and we have delivered.”
Despite broad support, the bill faced some criticism, particularly from Democrats concerned about potential conflicts of interest.
Rep. Maxine Waters, the top Democrat on the Financial Services Committee, warned that the bill could benefit companies with ties to the Trump family.
“The Unstable Act creates the appearance of a federal framework for stablecoins, but it does not provide the federal government with the full authority it needs,” Waters said on the House floor.
Waters pointed to World Liberty Financial, a firm linked to Trump, which owns a 60% stake in USD1, a stablecoin launched earlier this year.
Trump’s image featured prominently on the company’s website, where he was once described as “chief crypto advocate.” That label has now changed to “co-founder emeritus.”
World Liberty Financial previously told ABC News that it is “a private company with no ties to the U.S. government.”
The White House also dismissed concerns, saying Trump’s assets are held in a trust managed by his children.
The GENIUS Act’s path through Congress was not without drama. A vote in the House was delayed for nine hours due to disagreements among Republicans before the bill moved forward.
In addition to the GENIUS Act, the House passed the CLARITY Act, which outlines how different crypto assets will be regulated. That bill now heads to the Senate.
Federal regulators have six months to create detailed rules to implement the GENIUS Act.
While immediate changes for the public may be limited, supporters believe the law lays the foundation for broader crypto adoption and stability.
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