Genius Act becomes law as Trump approves cryptocurrency regulations

president Donald Trump The GENIUS Act, which guides and establishes national innovation for the United States’ stability, was signed in the law, a landmark legislation aimed at developing federal regulations around digital currencies.

Trump recalled his previous vows to be “the crypto capital of the planet” before signing the bill, at a Bitcoin conference in Nashville, Tennessee, where he vowed to be “the crypto capital of the planet” in July 2024, saying the regulations imposed by his administration will be “written by people who love your industry and don’t hate your industry.”

“I promise we will bring back America’s freedom and leadership and make America the crypto capital of the world,” Trump said Friday. “That’s what we do. Under the Trump administration, this will only develop further.”

Stablecoins is a form of digital currency associated with stable assets such as gold or the US dollar, designed to keep their prices consistent.

“As I promised last year, the Genius Act created a clear and simple regulatory framework to establish and unleash the huge commitment of stablecoin backed by the dollar,” Trump said Friday. “This is perhaps the biggest revolution in financial technology since the birth of the Internet itself.”

According to the Senate Banking Committee, provisions in the Genius Act require public disclosure of reserve competition every month, as well as annual audited financial statements for issuers with a market capitalization of more than $50 billion.

House is called “full encryption con” through Bill Maxine Waters

The House passed the Genius Act on Thursday, voting 308-122 This measure clears the Senate Margin 68–30 in June.

“For a long time, the digital asset industry in the U.S. has been stifled by ambiguous rules, confusing law enforcement and the Biden administration’s anti-Crypto Crusade,” R-Minn. The majority said in a press conference on Thursday. “But President Trump and Congress are passing historic transformative legislation to correct the curriculum and unlock the potential of digital assets in the United States.”

Despite the bipartisan system and support from many Democrats, the legislation did not receive a vote from all members of the Presidential Party.

Vance announces “cryptocurrency finally has a championship” at Trump White House

Rep. Tom Emmer (R-MN) spoke at a rally where Republican presidential candidate former President Donald Trump and Republican vice presidential candidate U.S. Senator JD Vance (R-OH) were on July 27, 2024 at the Herb Brooks National Hockey Center in St Cloud, Minnesota. (Stephen Maturen/Getty Images)

Twelve Republicans voted against the measure as Trump promoted scrutiny by lawmakers such as the House Financial Services Committee, etc.

Senate passes landmark encryption legislation, bank chairman touts “Historical Day”

“Through the bill, Congress will tell the world that corruption is OK, that foreign companies can buy influence and that criminals can buy Trump coins for pardons and beneficial treatment,” Waters said on Thursday in the House of Representatives.

In addition to the Genius Act, the House has passed two other measures related to cryptocurrencies: the Clarity Act, which will install some other regulatory frameworks for digital assets, and the Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from blocking the Federal Reserve from direct from the Central Bank Digital Currency (CBDC) to individuals and privateness.

Liz Elkind of Fox News contributes to this report

Rep. Maxine Waters (D-CA) questioned Treasury Secretary Scott Bessent’s appearance on the House Financial Services Committee held in Washington on May 7, 2025.