On July 18, U.S. President Donald Trump signed the GENIUS Act, the first cryptocurrency legislation regulating stablecoins pegged to the USD.
(Source: Chainlink on X)
“This afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law,” said Donald Trump.
GENIUS Act: Historic Moment for Crypto Industry
This historic moment has witnessed the attendance of popular lawmakers and crypto leaders, including Coinbase CEO Brian Armstrong, Kraken CEO David Ripley, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino, and Robinhood CEO.
In a 40-minute-long speech, Donald Trump thanked every person who supported the GENIUS Act.
Trump also slammed Biden’s previous administration, which had a hostile stance against the cryptocurrency market. Under Biden’s presidency, the crypto industry has witnessed continuous harassment from regulatory authorities like the Securities and Exchange Commission.
However, US President Donald Trump’s legislative efforts have been commendable. His administration has worked diligently to draft cryptocurrency regulations and urged lawmakers to establish clear guidelines.
Senator Cynthia Lummis stated on X, saying, “This is the most pro-digital asset administration in American history.”
Before signing the GENIUS Act, he also cracked a joke, saying that “They named it after me, and I want to thank you. This is a hell of an act!”
However, there were some critics who opposed this legislation earlier. For instance, Rep. Stephen F. Lynch said, “The so-called ‘Genius Act’ allows Trump to sell access to foreign governments, allows big tech to issue private digital currencies, and devalues the U.S. dollar. Nothing in this bill prevents a taxpayer bailout when the crypto industry inevitably fails.”
Trump believes that USD-pegged stablecoins will strengthen the dollar and the US economy. Stablecoin will increase USD’s dominance and help it regain its supremacy.
US Senator Tim Scott wrote in a post on X, stating, “Americans made it clear that they want a President that supports innovation, and President Trump has delivered. I am grateful to the President, @SenatorHagerty, and all my colleagues for their tireless efforts to deliver for the American people with the GENIUS Act.”
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