GENIUS Act Becomes First Major Crypto Legislation as Trump Signs Bill

The crypto industry has just witnessed a historic moment, following the enactment of the first major legislation in the U.S. This development comes after Donald Trump signed the GENIUS Act into law, providing regulatory clarity for issuers such as Tether, Circle, and Ripple.

Donald Trump Signs GENIUS Act Into Law

The U.S. president signed the stablecoin bill into law during a signing ceremony at the White House. With this, the bill officially becomes law, marking the first major regulation that the crypto industry can point to.

Notably, the signing comes just a day after the U.S. House passed the GENIUS Act alongside the CLARITY and Anti-CBDC Acts. The stablecoin bill gained overwhelming bipartisan support, with 308 representatives voting in favor of passing it.

This development follows years of regulatory uncertainty, particularly under the Biden-led administration, which led to a regulation-by-enforcement approach by the U.S. Securities and Exchange Commission (SEC). The SEC, under Gary Gensler, had instituted several actions against crypto firms like Ripple and Coinbase.

Now, stablecoin issuers have regulatory clarity as the GENIUS Act clearly states their obligations and the fact that they must hold 100% reserves equal to the coins in circulation. Trump has also declared that this bill will put the U.S. ahead of China and Europe. At the signing, he also stated that the Act will ensure that the United States achieves global dominance in cryptocurrency technology.

With stablecoin regulation in place, the crypto industry will now turn its attention to the CLARITY and Anti-CBDC Acts, which need to pass in the Senate before reaching the president’s desk.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.