President Donald Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act Friday — a landmark piece of legislation that establishes federal regulations surrounding digital currency.
Ahead of signing the bill, Trump recalled how he previously vowed to make the U.S. the “crypto capital of the planet” during a keynote address during a bitcoin conference in Nashville, Tennessee, in July 2024, where he said that regulations his administration would implement would be “written by people who love your industry, not hate your industry.”
“I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world,” Trump said Friday. “And that’s what we’ve done. And under the Trump administration, this is only going further.”
Stablecoins are a form of digital currency tied to a stable asset like gold or the U.S. dollar, which aims to keep their prices more consistent.
“Just as I promised last year, the GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoin,” Trump said Friday. “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
Included in the GENIUS Act are provisions requiring monthly public disclosure of reserve competition, as well as annual audited financial statements for issuers with more than $50 billion in market capitalization, according to the Senate Banking Committee, which spearheaded the legislation.
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Author: Marty Kaufmann
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