Trump Fulfills Crypto Pledge: Signs Historic Genius Act Into Law, Cementing U.S. Dominance in Digital Finance

President Donald J. Trump officially signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act—or GENIUS Act—on Friday, delivering a major win for the American cryptocurrency industry and fulfilling a central promise from his 2024 campaign.

Speaking before a packed East Room at the White House, Trump declared, “With today’s signing, we’re pushing even further into the exciting new frontier, 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 stablecoins.”

The GENIUS Act, which passed the House in a sweeping 308–122 vote with notable bipartisan support, marks the first major federal legislation aimed at regulating cryptocurrencies—specifically stablecoins, which are pegged to assets like the U.S. dollar or gold. It is a landmark step in bringing the digital currency sector under firm but innovation-friendly oversight.

President Trump hailed the bill as “perhaps the greatest revolution in financial technology since the birth of the Internet itself.” He emphasized the law’s role in revitalizing American dominance in the global financial system and slammed the Biden administration’s prior attempts to sabotage the industry.

“This signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up. A lot of people would have given up two or three years ago,” Trump told the crowd, comprised of Republican lawmakers and crypto industry leaders. “I want to thank you for contributing to the incredible strength of America. This is going to make it stronger.”

President Trump’s deep support for digital assets became evident during his campaign, when he made history as the first presidential candidate to speak at the Bitcoin Conference. At the time, crypto founders were under constant threat from Biden’s overreaching regulatory regime—an effort Trump swiftly dismantled upon returning to the Oval Office.

“Crypto builders and founders were under relentless assault by the Biden administration, which was trying to crush your industry,” Trump said to thunderous applause. “And I got the greatest applause of the whole campaign. We fired Joe Biden’s SEC chair, Gary Gensler. We fired him.”

Industry leaders attending the ceremony included Robinhood CEO Vlad Tenev, Coinbase CEO Brian Armstrong, Kraken’s Dave Ripley, Tether CTO Paolo Ardoino, Circle CEO Jeremy Allaire, and the Winklevoss twins of Gemini. Tenev applauded the administration’s approach, calling the legislation “a great start to making the U.S. the global leader in digital assets.”

Tenev emphasized the speed and transparency with which Trump’s team worked: “The partnership and collaboration with industry has also been quite strong. I know a lot of people quibble about some details, and there’s always things that could be improved, but I think it’s been incredibly strong.”

Bloomberg previously reported that the Trump Organization has also benefited from the growing crypto industry, earning hundreds of millions of dollars—a sign of Trump’s foresight into the financial future.

Earlier this week, the President also unveiled a staggering $92 billion initiative for AI and energy innovation during a visit to Pennsylvania—another indication that the Trump administration is leading America into a new era of technological leadership. In response, Google executive Ruth Porat praised Trump’s “clear and urgent direction” in pushing for bold investment.