Trump Signs GENIUS Act to Boost U.S. Crypto and Banking Leadership

President Donald Trump signed the GENIUS Act into law this week, aiming to establish U.S. dominance in global banking and cryptocurrency innovation. The legislation marks a turning point for the crypto industry, which has long demanded regulatory clarity amid skepticism from federal agencies.

Speaking at the signing event, Trump celebrated the legislation as a departure from Biden-era policy. He specifically highlighted the removal of former SEC Chair Gary Gensler as a key step in creating a more crypto-friendly environment. “We fired Joe Biden’s SEC Chair Gary Gensler… and the place exploded,” Trump said, drawing cheers.

The GENIUS Act introduces the first comprehensive regulatory framework for stablecoins—cryptocurrencies pegged to assets like the U.S. dollar. It requires issuers to back tokens with liquid reserves and disclose holdings monthly, aiming to ensure stability and transparency in this fast-growing sector.

Industry leaders hailed the move. Andrew Olmem, former White House economic advisor, called it a “major milestone.” Robinhood CEO Vlad Tenev praised the administration’s collaboration with Congress and industry stakeholders. “It’s a great start to making the U.S. the global leader in digital assets,” he said.

The GENIUS Act’s passage follows Trump’s public embrace of cryptocurrency, including his historic appearance at the Bitcoin Conference. The White House aims to finalize stablecoin measures by August. Notable crypto executives in attendance included leaders from Coinbase, Kraken, Tether, Circle, and Gemini—signaling strong industry support for the administration’s direction on digital assets.