Washington, D.C. (WDNews) —
President Donald Trump has officially signed the GENIUS Act into law, marking the United States’ first major step in creating a regulatory framework for stablecoin cryptocurrencies.
The signing took place Friday, July 18, at the White House alongside lawmakers, tech leaders, and financial experts.
“This is a big day,” Trump said during remarks. “This afternoon, we take a giant step to cement the American dominance of global finance and crypto technology.”
The GENIUS Act, spearheaded by Senator Bill Hagerty, lays out clear rules for issuing stablecoins backed one-for-one by U.S. dollars or Treasury assets. The bill is designed to modernize outdated financial infrastructure, lower transaction costs, and boost the global strength of the U.S. dollar.
White House AI and crypto czar David Sacks praised the bill, calling it a “monumental step” in fulfilling Trump’s promise to make the U.S. the global leader in crypto. He emphasized that the framework will allow financial institutions to offer dollar-backed stablecoins, which could lead to trillions in new demand for U.S. Treasuries.
Trump said the bill “could be the greatest revolution in financial technology since the birth of the internet,” and reaffirmed his administration’s support for crypto innovation while opposing the creation of a central bank digital currency (CBDC).
He also credited bipartisan support for getting the GENIUS Act passed, noting, “This just shows you that you’re doing the right thing.”
The new law is expected to attract global crypto investment and further position the U.S. as a dominant player in financial innovation.
