Trump Signs GENIUS Act 308-122 Validating Crypto Community

President Donald Trump signed the GENIUS Act into law on Friday, marking a significant milestone in crypto policy in the United States. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed at the White House, with Trump expressing his satisfaction and humorously noting that the act was named after him.

During the signing ceremony, Trump addressed key lawmakers and reporters, emphasizing the importance of the act. "The GENIUS Act—they named it after me," he joked, adding, "I want to thank you. This is a hell of an act." He also acknowledged the struggles faced by the crypto community, stating, "Let me say, the entire crypto community, for years you were mocked and dismissed and counted out—but this signing is a massive validation."

The GENIUS Act passed through the chamber with a vote of 308-122 on Thursday, during the Republican Party’s self-declared “Crypto Week.” This legislation was one of three pieces of crypto legislation considered this week, alongside the CLARITY Act and the Anti-CBDC Act. Despite initial pushback and a failed procedural vote on Tuesday, the GENIUS Act ultimately gained approval.

While the ratification of the GENIUS Act has been widely praised by the crypto community, it has also faced opposition from some high-ranking Democrats. Congresswoman Maxine Waters launched her own “Anti-Crypto Corruption Week” in response to the advancement of the three key pieces of crypto legislation. Waters criticized the bills, stating, "These bills throw hardworking Americans under the bus, putting them at risk for a future financial crisis—all to legitimize Donald Trump’s crypto scams."

Despite the opposition, the signing of the GENIUS Act represents a significant step forward for crypto policy in the United States. The act aims to provide a framework for the regulation and innovation of stablecoins, which are digital currencies pegged to the value of another asset, such as the U.S. dollar. This legislation is expected to foster greater stability and trust in the crypto market, potentially leading to increased adoption and investment in digital assets.