U.S.President Donald Trump signed a major crypto bill into law on Friday, July 18, calling it a bold step into a “new era” for digital finance. The bill, the GENIUS Act, lays down the first solid rules for how stablecoins, digital currencies tied to real-world assets, are regulated in the U.S.
The legislation cleared the House a day earlier with strong bipartisan support, as 102 Democrats and 206 Republicans voted in favor. The new law aims to bring structure and clarity to the $250 billion stablecoin industry, offering guidelines that financial institutions can follow.
The signing ceremony brought together lawmakers, industry leaders, and executives from top crypto companies, including Tether, Robinhood, and Gemini.
Earlier in the week, the bill’s future was uncertain when a group of conservative lawmakers blocked a procedural step. A compromise deal helped move things forward. President Trump hinted that he personally reached out to some of the holdouts, making calls to convince them to back the legislation.
David Sacks, a venture capitalist now serving as Trump’s advisor on AI and digital assets, credited the president with rescuing the bill at a critical moment. Trump also acknowledged Vice President JD Vance’s late-night efforts to help get the votes needed.
The GENIUS Act provides a legal definition for stablecoins and outlines clear rules about how they should be issued and used. It also ensures protections for users and sets a framework for banks, credit unions, and financial firms that want to enter the space.
President Trump said the legislation offers a secure structure for institutions to issue crypto assets fully backed by real-world value, potentially strengthening the role of the U.S. dollar in the global economy and modernizing the financial system.
In addition to the GENIUS Act, Congress also passed two other crypto bills during what many Republicans called “Crypto Week.” One, the Clarity Act, expands oversight to digital commodities. The other, the Anti-CBDC Surveillance State Act, blocks the Fed from launching a government-run digital currency for consumers.
President Trump praised the crypto community for their persistence. “You were underestimated and written off not long ago. But today, your vision is being recognized,” he said.
The Trump family has faced scrutiny over its crypto holdings, which have reportedly grown in value in the past few months. However, the White House maintains there’s no conflict, saying that the assets are held in a trust overseen by Trump’s children.
Crypto industry players, such as BitFuFu Inc. (NASDAQ: FUFU), are likely to benefit from the regulatory clarity that is being ushered into the U.S. crypto landscape.
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