U.S. President Donald Trump signed the GENIUS Act into law at the White House on Friday afternoon, marking a landmark win for crypto policy proponents.
Donald Trump Ratifies The GENIUS Act
Known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the bill’s signing left Trump all smiles as he offered his congratulations while addressing key U.S. lawmakers and reporters at the watershed bill signing on July 18.
“We worked hard. It’s a very important act—the GENIUS Act—they named it after me,” Trump joked. “I want to thank you. This is a hell of an act.”
“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president continued. “You were counted out as little as a year and a half ago—but this signing is a massive validation.”
Crypto Legislation Triumphs Despite Pushback From U.S. Lawmakers
Trump’s commentary comes just one day after the GENIUS Act passed through the chamber in a 308-122 vote on Thursday during the Republican Party’s self-declared “Crypto Week.”
The key stablecoin bill was just one of three pieces of hotly debated crypto legislation up for consideration this week in the House of Representatives, alongside the CLARITY Act and the Anti-CBDC Act.
All three of the crypto bills failed during a procedural vote on Tuesday that saw U.S. President Donald Trump hold late-night talks with holdout lawmakers.
The ratification of the GENIUS Act has largely been praised by members of the crypto community, though several high-ranking Democrats have pushed back against the advancement.
Congresswoman Maxine Waters (D-CA) launched her own “Anti-Crypto Corruption Week” in opposition to the advancement of the three key pieces of crypto legislation.
“These bills throw hardworking Americans under the bus, putting them at risk for a future financial crisis—all to legitimize Donald Trump’s crypto scams,” Waters said in a recent statement.
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