In the White House East Room, flanked by Republican lawmakers and leaders from the crypto industry, Trump endorsed the Genius Act, fulfilling one of his primary legislative goals.
“With today’s signing, we are advancing further into this exciting new frontier. As I promised last year, the Genius Act establishes a clear and straightforward regulatory framework to unlock the vast potential of dollar-backed stablecoins,” Trump stated during the signing event.
Stablecoins are a category of cryptocurrency intended to preserve a stable value by linking their worth to a more reliable asset, such as the U.S. dollar or commodities like gold.
“This could represent the most significant revolution in financial technology since the inception of the Internet itself,” the president remarked.
According to Bloomberg News, the Trump Organization has generated hundreds of millions of dollars within the emerging cryptocurrency market.
The Genius Act — officially titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” — was approved by Congress on Thursday, with the House overwhelmingly endorsing the first substantial reform of cryptocurrency regulations.
This legislation signifies a notable victory for Trump and a considerable enhancement for the crypto sector, as it is anticipated to reinforce digital assets as a fundamental element of the financial system, as reported by the Washington Times.
The president highlighted the lawsuits and rigorous scrutiny that the crypto industry encountered during the Biden administration, asserting that the entire crypto community had been “mocked, dismissed, and counted out.”
“This signing serves as a tremendous affirmation of your dedication, pioneering spirit, and resilience. Many would have surrendered two or three years ago,” Trump expressed. “I want to extend my gratitude for your contributions to the remarkable strength of America. This will fortify it even further. And congratulations.
Trump remarked that during the 2024 campaign, he made history as the first presidential candidate to address the Bitcoin Conference.
“At that moment, crypto builders and founders were facing continuous attacks from the Biden administration, which aimed to undermine your industry. … and I received the loudest applause of the entire campaign. We dismissed Joe Biden’s SEC chair, Gary Gensler. We dismissed him,” he stated, eliciting cheers from the audience in the East Room.
Robinhood CEO Vlad Tenev, who was present at the event, expressed his admiration for the speed at which the administration has been working with Congress.
“This involves a significant amount of legislation and it is intricate, and the collaboration with the industry has also been notably robust,” Tenev conveyed to the Washington Times.
“I understand that many individuals debate certain specifics, and there are always aspects that could be enhanced, but I believe it has been remarkably strong,” he added. “This marks an excellent beginning for establishing the US as the global leader in digital assets.”
Other prominent figures from the tech industry at the event included Dave Ripley of Kraken, Brian Armstrong of Coinbase, Paolo Ardoino of Tether, Jeremy Allaire of Circle, and Cameron and Tyler Winklevoss of Gemini Exchange.
The House passed the Senate-approved GENIUS Act with a vote of 308-122, with over 100 Democrats—including Minority Leader Hakeem Jeffries of New York—aligning with the majority of Republicans to support the legislation.
Earlier in the week, Trump visited Pennsylvania to highlight “an unprecedented $92 billion commitment to advanced AI and energy initiatives — which sparked widespread praise for the Trump Administration’s vision as a driver of unmatched growth and opportunity,” as stated by the White House in an announcement.
