On Friday, joined by lawmakers and cryptocurrency industry leaders in the East Room, President Donald J. Trump signed the GENIUS Act into law — a historic piece of legislation that will pave the way for the United States to lead the global digital currency revolution.
As President Trump said, the law “creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
Bo Hines, Executive Director of the President’s Council of Advisers on Digital Assets, says of the landmark signing, “We are securing dollar dominance, unlocking innovation, and putting the United States in permanent control of the future of digital finance.”
White House Crypto Czar David Sacks told President Trump: “Today, you have another historic legislative achievement that is a monumental step to fulfilling your promise to making the United States the Crypto Capital of the world.”
Secretary of the Treasury Scott Bessent: “Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. Thanks to President Trump’s visionary leadership … the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.”
“This is an important step to spur innovation by providing the crypto industry with clear rules of the road,” says SEC Chairman Paul Atkins.
The signing of the bill drew widespread praise across the crypto and financial communities:
Robinhood CEO Vlad Tenev: “I believe that Crypto technology is going to power a large part of financial services as an industry in the near future — and the U.S. needs to be a leader … This stablecoin legislation is the first step in that … we’re excited to see the U.S. taking a big step in leadership.” Watch
Coinbase Co-founder and CEO Brian Armstrong: “A big shoutout to President Trump and this entire Administration for getting such strong, bipartisan support to get these bills through. This is exactly what’s going to allow this technology to be built here in America and ensure that the dollar remains very strong.” Watch
Chainlink Co-founder Sergey Nazarov: “The GENIUS Act is a huge step forward for stablecoins, forming the basis of on-chain payments for retail users in both highly developed and emerging markets … I’m excited and grateful to be at the white house today to witness the historic signing of the GENIUS Act into law by the president. This administration is doing amazing things for our industry and we should all be very grateful for how supportive they are being. Thank you, President Trump, the U.S. Congress … for supporting our industry at this critical time.”
Exodus CEO JP Richardson: “History in the making. Today I’m at the White House as President Trump signs the Genius Act into law-a watershed moment for crypto and the US dollar. People have no idea what’s coming. Every bank in America will adopt stablecoins. Blockchain rails will become the foundation of modern finance. A new era of open, programmable money is here.”
Ripple CEO Brad Garlinghouse: “The last major financial regulation bill was passed 15 years ago in response to the 2008 financial crisis … the signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology – stablecoins. This moment is a historic one, and I, for one, am looking forward to all that is to come as a result of this transformational legislation.”
Stellar Chief Legal and Policy Officer Candace Kelly: “We see this as a turning point. This legislation finally brings the legal clarity that the market has needed and it reinforces a simple but powerful idea: if stablecoins are going to reach their full potential, helping real people improve their financial health, they need to be reliable and trusted.”
Kraken Co-CEO Dave Ripley: “This brings cryptocurrency and the U.S. dollar together … We can now bring the U.S. dollar to more and more global payments around the world. I think it’s a huge win for the crypto industry, and a huge win, frankly, for the U.S. dollar — and for the United States.”
Paxos CEO Charles Cascarilla: “For years, we believed that well-regulated stablecoins are the bridge between traditional finance and blockchain innovation. Today, that vision becomes reality, with America leading the charge.”
Solana Policy Institute President Kristin Smith: “I’m incredibly proud of this milestone – and of the people, the progress, and the purpose behind this moment. This is history. And it didn’t happen overnight … The GENIUS Act is the first-ever standalone crypto bill to be signed into law. It sets clear, bipartisan rules for stablecoins, enabling innovation while protecting consumers and reinforcing the dollar’s dominance in the digital age.”
PROTECTING CONSUMERS IN THE DIGITAL MARKET: The GENIUS Act protects consumers from nefarious actors in financial markets.
This long-overdue legislation creates the first-ever Federal regulatory system for stablecoins, ensuring their stability and trust through strong reserve requirements.
The GENIUS Act requires 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries and requires issuers to make monthly, public disclosures of the composition of reserves.
Stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices. Crucially, they are forbidden from making misleading claims that their stablecoins are backed by the U.S. government, federally insured, or legal tender.
The GENIUS Act aligns State and Federal stablecoin frameworks, ensuring fair and consistent regulation throughout the country.
In the event of insolvency of a stablecoin issuer, the GENIUS Act prioritizes stablecoin holders’ claims over all other creditors, ensuring a final backstop of consumer protection.
ENSURING U.S. DOLLAR GLOBAL RESERVE CURRENCY STATUS: By driving demand for U.S. Treasuries, stablecoins will play a crucial role in ensuring the continued global dominance of the U.S. dollar as the world’s reserve currency.
The GENIUS Act will generate increased demand for U.S. debt and cement the dollar’s status as the global reserve currency by requiring stablecoin issuers to back their assets with Treasuries and U.S. dollars.
Additionally, the GENIUS Act will play a key role in attracting more digital asset activity to the country by providing clear rules and promoting responsible innovation in the stablecoin market.
COMBATING ILLICIT ACTIVITY IN DIGITAL ASSETS: Through regulation and registration of stablecoin issuers, along with coordination with the Treasury Department on sanctions enforcement, the GENIUS Act reinforces our national security.
The GENIUS Act explicitly subjects stablecoin issuers to the Bank Secrecy Act, thereby clearly obligating them to establish effective anti-money laundering and sanctions compliance programs with risk assessments, sanctions list verification, and customer identification.
This legislation improves the Treasury Department’s ability to combat illicit stablecoin activities by enhancing its sanctions evasion and money laundering enforcement capabilities.
All stablecoin issuers must possess the technical capability to seize, freeze, or burn payment stablecoins when legally required and must comply with lawful orders to do so.
