Trump Secures Senate Passage of GENIUS Act for Crypto Leadership

President Donald Trump has made significant strides in advancing the GENIUS Act, a legislative initiative aimed at establishing the United States as the global leader in digital assets and cryptocurrency innovation. On July 15, Trump secured agreement from 11 of the 12 congressmen required to advance the legislation, following an Oval Office meeting. The GENIUS Act, which stands for the Global Engagement in New Innovations and Unlocking Success Act, is designed to foster a regulatory environment that encourages innovation and investment in cryptocurrencies.

Trump declared “Happy Crypto Week,” emphasizing that the GENIUS Act will position America “lightyears ahead of all others” in digital asset development. This declaration underscores the urgency and importance Trump places on the legislation, calling on all Republicans to vote in favor of it. House Speaker Mike Johnson, who participated in the meeting via telephone, expressed eagerness to schedule the vote as early as possible, highlighting the bipartisan momentum behind the digital asset legislation.

David Sacks, a prominent figure in the tech and finance industries and the White House’s top advisor on crypto and AI, praised President Trump’s recent actions by referring to him as the “dealmaker-in-chief.” Sacks’ endorsement of Trump's push for the GENIUS Act highlights the growing support for cryptocurrency innovation within the U.S. political landscape. Sacks has claimed that the administration has effectively ended the "war on crypto" and predicts a "Trump boom" in the future, driven by new regulations that will create a more favorable environment for digital assets.

Trump's current cryptocurrency advocacy represents a complete reversal from his previous positions. In the past, he dismissed Bitcoin as “not money” and called it a “scam” that threatened U.S. dollar dominance. His 2019 statements characterized digital assets as having value “based on thin air” while expressing concerns about volatility and illegal usage. However, during his 2024 campaign, Trump embraced digital assets as a core economic policy, accepting cryptocurrency donations and promising to roll back restrictive regulations. This political evolution now drives legislative priorities, such as the GENIUS Act, through Congress.

The path to passing the GENIUS Act has not been without challenges. Republican lawmakers have expressed concerns about the bill, leading to a major setback when it failed to pass in a House vote. Despite this obstacle, Trump remains committed to pushing the legislation forward, recognizing its importance in securing the U.S.'s position as a leader in digital innovation. On June 18, 2025, Trump announced that the U.S. Senate had passed a transformative bill aimed at making America the undisputed global leader in digital assets. This development marks a significant milestone in the journey towards establishing a comprehensive regulatory framework for cryptocurrencies in the United States.

The GENIUS Act is expected to have far-reaching implications for the global crypto market. By creating a favorable regulatory environment, the U.S. aims to attract top talent and investment, positioning itself as the hub for digital asset innovation. This move is likely to spur competition among other nations, driving further advancements in the field of cryptocurrencies and blockchain technology. The act's passage in the Senate is a testament to the growing recognition of the importance of digital assets and the need for clear, supportive regulations.