‘This could be perhaps the greatest revolution in financial technology since the birth of the internet,’ the president said.
President Donald Trump signed a key piece of cryptocurrency legislation on July 18, establishing the first significant U.S. regulatory framework for stablecoins.
After a rocky beginning to “Crypto Week,” House Republicans successfully passed a trio of key crypto bills, including landmark stablecoin legislation.
The Genius Act—fully named the Guiding and Establishing National Innovation for U.S. Stablecoins Act—passed 308–222 with bipartisan support.
“The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins,” Trump said at a White House event.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet.”
Trump had been a vocal supporter of the Genius Act, which establishes a regulatory framework for stablecoins by installing consumer safeguards, reserve requirement ratios, and audit and anti-money laundering standards.
When the Genius Act encountered hurdles in Congress, the president intervened and urged a dozen dissenting GOP lawmakers to move ahead with a key procedural vote to advance the bill to the House floor.
Crypto czar David Sacks, meanwhile, called it a “historical legislative achievement” that will serve as a “monumental step” to ensuring U.S. dominance in the industry.
Sacks also estimated that stablecoins will create trillions of dollars in demand for U.S. Treasury securities, echoing the sentiment expressed by Treasury Secretary Scott Bessent.
Stablecoins are backed by safe and liquid assets, such as the U.S. dollar and government bonds, and hold these assets in reserve for their coins.
In addition to strengthening demand for U.S. Treasury securities, stablecoins will also lower interest rates and secure the dollar’s status as the world’s reserve currency, Trump said.
“This revolution has the potential to supercharge American economic growth and empower billions of people to save and transfer U.S. dollars,” the president said.
Securities and Exchange Commission chief Paul Atkins, who was also in attendance for the signing ceremony, lauded the president and his administration for helping the United States “embrace crypto asset innovation.”
“The SEC will work diligently to consider any changes needed to achieve regulatory clarity,” Atkins said in a statement. “Together we will make America the center of crypto asset innovation and strengthen the financial markets for the benefit of all Americans.”
By Andrew Moran and Nathan Worcester
