President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar
BySEUNG MIN KIM Associated Press and ALAN SUDERMAN Associated Press
WASHINGTON — President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might.
The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency. It passed both the House and Senate with wide bipartisan margins.
The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”
“For years you were mocked and dismissed and counted out,” Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. “This signing is a massive validation of your hard work and your pioneering spirit.”
The crypto industry has long complained it was unfairly targeted by former President Joe Biden’s administration and spent heavily to help Trump win last year’s election.
The president lavished praise on crypto leaders during his speech Friday, saying “nobody has gained the respect in such a short period of time.”
Trump said helping the cryptocurrency industry was “good for the dollar and it’s good for the country.”
“That’s why I backed you at an early stage,” said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securitie