U.S. President Donald Trump signed the GENIUS Act into law on Friday, creating the first U.S. regulatory framework for dollar-backed stablecoins and marking a major win for the crypto industry.
U.S. President Donald Trump on Friday signed the GENIUS Act into law, creating the country’s first regulatory framework for stablecoins. The new law requires that U.S.-dollar-pegged digital currencies be backed by real assets and meet transparency standards. It is being hailed as a significant milestone for the cryptocurrency industry.
The signing ceremony took place at the White House, where Trump praised the crypto community for their perseverance and innovation. “This signing is a massive validation of your hard work and your pioneering spirit,” he said.
The bill passed the House of Representatives earlier this week by a vote of 308 to 122, gaining support from most Republicans and nearly half of the Democratic members. The law establishes rules for issuing stablecoins backed one-for-one with U.S. dollars, Treasury bills, and other liquid cash equivalents.
The GENIUS Act is a breakthrough for crypto advocates who have long pushed for clear federal oversight. Stablecoins, which are designed to maintain a fixed value relative to the U.S. dollar, have grown rapidly in popularity. They are widely used by crypto traders to move funds across exchanges, but the industry hopes they will also gain mainstream traction for everyday payments.
Under the new law, issuers of stablecoins will be required to publicly disclose the composition of their reserves on a monthly basis. Trump, who aligned himself with the crypto community during his presidential campaign, said the law would help strengthen the U.S. dollar and position the country as a leader in digital finance.
“Under this bill, the entire ancient system will be eligible for a 21st century upgrade using state-of-the-art crypto technology,” Trump said. “It’s really strengthening the dollar and giving the dollar great prominence.”
Despite strong support from the crypto industry, the law has faced criticism from Democrats and regulatory experts. Some say it lacks sufficient anti-money laundering protections and fails to prohibit foreign or big tech-affiliated companies from issuing their own stablecoins.
Trump, who has since launched his own digital coin, told supporters earlier this year that he would make the United States "the crypto capital of the planet."
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