President Donald Trump endorsed the GENIUS Act into law today, signifying a significant moment in his administration’s effort to position the United States as the global Bitcoin and cryptocurrency hub. The legislation establishes a transparent regulatory framework for dollar-pegged stablecoins, which Trump referred to as “possibly the most remarkable revolution in financial technology since the inception of the internet itself.”
Although the GENIUS Act doesn’t explicitly tackle Bitcoin, the legislation offers regulatory clarity that could be advantageous for all digital assets, including Bitcoin, by fostering a conducive environment for cryptocurrency innovation and boosting trading activity on exchanges.
During the signing event, Trump highlighted the groundbreaking nature of the new law. “Today is truly a momentous day. This is a very significant step, and I want to express my gratitude to Senator Bill Hagerty, a dear friend of mine,” who has played a crucial role in advancing this bill. This is going to reinforce America, and congratulations, it’s beneficial for the nation.”
The President linked the legislation to his Bitcoin and crypto promises, mentioning his landmark participation at the Bitcoin Conference. “Just this month, many of you gathered in Nashville, Tennessee, when I became the first president to speak at the Bitcoin conference. I promised that we would position the US as the global crypto center, and this is moving us further along.”
Trump elaborated on his administration’s stance on digital assets, underscoring several pivotal initiatives. “In my first week in office, I formed the first presidential working group on digital assets. I halted the misuse of government against crypto, and Bitcoin, we eliminated Choke 2.0., and I liberated Ross Ulbricht.”
The President also mentioned his creation of strategic Bitcoin reserves via executive order, demonstrating his dedication to Bitcoin specifically. “Last March, I executed an order establishing the US strategic Bitcoin reserve along with the US digital asset stockpile, and with today’s endorsement, we are advancing even further into this thrilling frontier.”
The President then addressed how the GENIUS Act tackles a significant infrastructure deficit in the American financial system. “Many Americans do not realize that the technological foundation of the financial system is years behind. Payments and money transfers take days or even weeks to process,” Trump clarified. “The GENIUS Act offers banks, businesses, and financial institutions a structure for issuing crypto assets backed one for one with actual US dollars.”
The legislation is anticipated to boost demand for US Treasuries, according to Trump. He also reiterated his stance against central bank digital currencies, asserting, “I continue to be fully committed to my promise never to allow a central bank digital currency in America.”
AI & Crypto Czar David Sacks, speaking at the event, highlighted the groundbreaking aspect of the moment. “Today marks another historic legislative success and it is a stride towards establishing the United States as the crypto capital of the globe. The GENIUS Act will unlock supremacy in the cryptocurrency sector by establishing rules of engagement.”
Trump concluded by assuring more crypto legislation this year, labeling it “a really thriving industry” and indicating ongoing momentum for Bitcoin and digital asset advancements in America.
