In a major move to restore American leadership in digital finance, President Donald J. Trump signed the GENIUS Act into law, establishing the first real regulatory framework for stablecoins and unleashing the next era of cryptocurrency innovation in the United States.

At a celebratory event attended by political allies and tech industry titans, Trump emphasized the legislation’s groundbreaking potential—not only for the crypto industry, but for securing U.S. dominance in global banking for generations to come.

“This is a major milestone,” said Andrew Olmem, former deputy director of the National Economic Council under Trump’s first term. “It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry.”

Stablecoins are digital tokens pegged to the U.S. dollar and used by crypto traders to transfer assets quickly and efficiently. Under the GENIUS Act, issuers will now be required to fully back their tokens with liquid reserves such as cash or short-term U.S. Treasury bills—and publish monthly transparency reports on their holdings.

Trump's signing of the GENIUS Act marks a dramatic policy shift from the failed anti-crypto agenda of the Biden years, which saw widespread regulatory hostility and attacks on digital innovators. At the heart of that resistance was former SEC Chair Gary Gensler—who was swiftly fired by Trump in one of the most celebrated moments of his 2024 campaign.

“I remember, I did this and I said this, and I mentioned this name and I got the greatest applause of the whole campaign,” Trump said to a cheering crowd in the East Room. “We fired Joe Biden’s SEC Chair Gary Gensler. We fired him. (applause) … I said, what the hell did that guy do? … And it turned out you were absolutely right.”

President Trump also recalled becoming the first presidential candidate in history to speak at the Bitcoin Conference—marking a turning point in his alliance with crypto leaders.

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

The GENIUS Act comes after a year of strategic engagement between the White House and pro-crypto forces in Congress, where Republicans now lead both chambers. The cryptocurrency industry had invested over $119 million in electing crypto-friendly candidates in the 2024 elections, following years of harassment by Biden-era regulators.

Among those praising the administration’s swift action was Robinhood CEO Vlad Tenev, who told The Washington Times that he was impressed with how fast Trump’s team had mobilized.

“This is a lot of legislation and it’s complex, and the partnership and collaboration with industry has also been quite strong,” Tenev said. “It’s a great start to making the US the global leader in digital assets.”

Trump’s Council of Advisers on Digital Assets, led by Bo Hines, is now pushing for a full stablecoin package by August. With this administration’s track record, that goal looks well within reach.

The event drew a who’s who of cryptocurrency heavyweights, including Coinbase CEO Brian Armstrong, Kraken’s Dave Ripley, Tether’s Paolo Ardoino, Circle’s Jeremy Allaire, and the Winklevoss twins of Gemini Exchange—many of whom were previously targeted by the Biden SEC.

With the GENIUS Act now signed into law, President Trump is positioning America—not China, not Europe—to lead the next financial revolution.