Trump signs first major crypto bill, the GENIUS Act, into law

In a landmark triumph for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory model for a benignant of integer currency known arsenic stablecoins.

The GENIUS Act creates rules for entities that contented stablecoins, whose worth is tied to an plus similar the US dollar. Those rules govern who’s allowed to contented stablecoins, however they request to support reserves, what happens successful the lawsuit of bankruptcy, and an work to forestall wealth laundering. 

Trump congratulated members of the crypto manufacture who attended the signing ceremonial astatine the White House, including the CEOs of Coinbase and Tether. He drew a stark opposition betwixt the Biden administration, which helium called “a vicious radical of people” who were “trying to crush your industry,” and himself. “I got you guys retired of truthful overmuch trouble,” Trump said.

“The full crypto community, for years, you were mocked and dismissed and counted out,” Trump said. “But this signing is simply a monolithic validation of your hard enactment and your pioneering spirit.” He added that helium chose to backmost crypto “at an aboriginal stage” due to the fact that it volition marque the US dollar stronger. “And I besides did it for the votes,” helium said to a circular of laughter from the audience, “because you did travel retired and vote.”

The measure passed done some chambers of Congress with bipartisan support, with backers saying it creates indispensable safeguards for the manufacture and keeps the US competitory successful the space. But it besides saw absorption from different members connected some sides. Sen. Josh Hawley (R-MO) criticized the bill arsenic “a immense giveaway to Big Tech,” citing concerns it would incentivize companies that contented stablecoins to cod much fiscal information connected consumers. In a code connected the Senate floor, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA), said that the measure “is riddled with loopholes and contains anemic safeguards for consumers, nationalist security, and fiscal stability.”

Warren and different Democrats person besides warned that legitimizing the stablecoin manufacture done the authorities could bolster a imaginable avenue of corruption for Trump. Trump’s household is progressive successful crypto steadfast World Liberty Financial that launched its ain stablecoin, USD1. The White House has said the task creates nary conflicts for the president arsenic his assets are successful a spot managed by his kids. 

“Through his crypto businesses, President Trump has created an businesslike means to commercialized statesmanlike favors similar tariff exemptions, pardons, and authorities appointments for hundreds of millions—perhaps billions—of dollars from overseas governments, from billionaires, and from ample corporations,” Warren said. “This is the azygous top corruption ungraded successful American past and, by passing the GENIUS Act, the Senate is astir to not lone bless this corruption, but to actively facilitate its expansion.”

As Trump signed the GENIUS Act, helium tried to steer attraction to what he’s billed arsenic “a large scandal” for his predecessor. “This is not an autopen, by the way.” Trump quipped.