Trump Signs First Major Cryptocurrency Bill Into Law

Last week, President Trump signed the GENIUS Act, making it the first major cryptocurrency bill to become law. The legislation establishes a regulatory framework for stablecoins, which are dollar-backed digital tokens, in an effort to assert U.S. dominance of crypto technology and global finance.

“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself,” the president said during the signing ceremony, according to The Hill. Trump has become a major ally to the crypto industry during his second term.

Representative Maxine Waters (D-Calif.), ranking member of the House Financial Services Committee, said in a press release that the GENIUS Act fails to separate commerce and banking, preserve national security, protect consumers, or promote financial stability, according to PYMNTS.

The House ultimately decided to move the GENIUS Act to the floor with two other crypto bills, the CLARITY Act and the Anti-CBDC Surveillance State Act, though it is unclear if the CLARITY Act will pass in the Senate due to pressures from liberal members and party activists.

The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC), but it also seems unlikely that the legislation will clear the Senate. Trump pushed to get the hard-liners on board, and the bill passed the House in a 218-210 vote.

Alternatively, Senate Banking Committee Chairman Tim Scott (R-S.C.) vehemently showed support for the GENIUS Act, stating that it “marks a major milestone in securing America’s leadership in payments innovation while protecting consumers and strengthening our national security.”

“This bill is critical to delivering on President Trump’s agenda to cement the United States as the crypto capital of the world, and I look forward to taking a similar approach to get digital asset market structure legislation signed into law,” Scott continued.