Washington DC [US], July 19: US President Donald Trump has signed into law the GENIUS Act (S.1582)—a landmark bill aimed at regulating payment stablecoins and reinforcing America’s leadership in global financial innovation.
The legislation, formally titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act”, provides a framework for the regulation of dollar-backed stablecoins. The White House described the act as a major step toward securing the United States’ position as the global leader in crypto-finance.
Speaking at the signing ceremony on Friday, Trump joked, “The GENIUS Act—they named it after me. This is a hell of an act!” The event was attended by key figures from the crypto industry, whom Trump praised for their resilience and innovation.
“For years, you were mocked and dismissed… this signing is a massive validation of your hard work, your pioneering spirit, and your ability to never give up,” Trump told the crypto community.
Trump said the act would make the United States the “Crypto Capital of the world,” claiming it could represent the most significant financial technology advancement since the internet.
“The GENIUS Act creates a clear and simple regulatory framework to unleash the immense promise of dollar-backed stablecoins,” he said. “We take a giant step to cement American dominance in global finance and crypto technology.”
Trump also reiterated his opposition to the creation of a Central Bank Digital Currency (CBDC), stating firmly, “It won’t happen under my administration.”
US Treasury Secretary Scott Bessent applauded the president’s move, saying it would help maintain the dollar’s dominance in the digital age.
“Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain,” Bessent posted on X (formerly Twitter). “Thanks to President Trump’s leadership and Senator Bill Hagerty’s work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.”
The GENIUS Act marks a pivotal moment in U.S. crypto policy, setting the stage for broader adoption of stablecoin technology under a clear regulatory regime.