Update (July 18 at 5:08 pm UTC): This article has been revised to incorporate additional details regarding Circle’s participation in the signing event, set for 6:30 pm UTC.
Numerous prominent individuals within the crypto and blockchain sector have declared their intention to stand alongside US President Donald Trump when he endorses a stablecoin bill on Friday.
Following delays that appeared capable of hindering voting on the bills this week, members of the US House of Representatives approved three pieces of crypto legislation on Thursday: the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the Digital Asset Market Clarity (CLARITY) Act, and the Anti-CBDC Surveillance State Act.
The GENIUS Act is slated to be enacted at 6:30 pm UTC in a ceremony anticipated to feature Trump’s cryptocurrency supporters.
In announcements circulated on social media or sent to Cointelegraph, Ripple’s chief legal officer Stu Alderoty, Circle CEO Jeremy Allaire, Chainlink Labs co-founder Sergey Nazarov, Anchorage Digital CEO Nathan McCauley, and Multicoin Capital managing partner Kyle Samani expressed their intent to participate in the GENIUS Act signing event on Friday.
The event is expected to attract additional crypto executives allied with the administration, potentially including members of World Liberty Financial, the business backed by the Trump family that launched its own stablecoin under legislative scrutiny.
The stablecoin legislation is anticipated to take effect in 18 months, or 120 days after the US Treasury and Federal Reserve establish regulations, likely following the US midterm elections and halfway through Trump’s administration. This timing suggests that any consequences, be they favorable or unfavorable, would be less likely to serve as a campaign topic for candidates in 2026.
Related: GENIUS Act reaches Trump’s desk: Here’s what to expect
McCauley, Nazarov, and Samani previously met with Trump and White House officials during a March crypto summit, showing their endorsement for the administration’s digital asset policies.
Cointelegraph contacted representatives from Tether, Binance, Kraken, Gemini, and World Liberty Financial about their possible attendance at the signing event, but no responses were available at the time of publication.
What will transpire with the other two bills?
The GENIUS Act is moving to Trump’s desk as it received approval in June from the US Senate before Thursday’s House vote, allowing both Congressional chambers time to review amendments prior to voting on the measure.
However, the CLARITY Act and Anti-CBDC Surveillance State Act originated in the House, meaning that both pieces of legislation need to pass through the Senate before being enacted into law.
A number of House Democrats raised concerns during the discussion on the three bills on Thursday, including assertions that Trump would gain personally from their passage due to his investments in World Liberty Financial and his own memecoin.
Some cryptocurrency executives who backed Trump’s 2024 presidential campaign, such as Gemini co-founder Tyler Winklevoss, commended the approval of the GENIUS Act on social media.
Votes on the CLARITY and CBDC bills in the House suggested that the Republican-backed measures might encounter similar obstacles from Senate Democrats. More than 70 Democrats aligned with Republicans to approve the CLARITY Act, but only two supported the anti-CBDC bill, which largely passed along party lines.
Magazine: GENIUS Act reopens the pathway for a Meta stablecoin, but will it succeed?
