{"id":19943,"date":"2025-07-18T21:46:08","date_gmt":"2025-07-18T21:46:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/19943\/"},"modified":"2025-07-18T21:46:08","modified_gmt":"2025-07-18T21:46:08","slug":"trump-signs-first-major-crypto-bill-the-genius-act-into-law","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/19943\/","title":{"rendered":"Trump signs first major crypto bill, the GENIUS Act, into law"},"content":{"rendered":"

The GENIUS Act<\/a> creates rules<\/a> for entities that issue stablecoins, whose value is tied to an asset like the US dollar. Those rules govern who\u2019s allowed to issue stablecoins, how they need to maintain reserves, what happens in the case of bankruptcy, and an obligation to prevent money laundering.<\/p>\n

Trump congratulated members of the crypto industry who attended the signing ceremony at the White House, including the CEOs of Coinbase and Tether. He drew a stark contrast between the Biden administration, which he called \u201ca vicious group of people\u201d who were \u201ctrying to crush your industry,\u201d and himself. \u201cI got you guys out of so much trouble,\u201d Trump said.<\/p>\n

\u201cThe entire crypto community, for years, you were mocked and dismissed and counted out,\u201d Trump said. \u201cBut this signing is a massive validation of your hard work and your pioneering spirit.\u201d He added that he chose to back crypto \u201cat an early stage\u201d because it will make the US dollar stronger. \u201cAnd I also did it for the votes,\u201d he said to a round of laughter from the audience, \u201cbecause you did come out and vote.\u201d<\/p>\n

\u201dThis signing is a massive validation of your hard work and your pioneering spirit\u201d<\/p>\n

The bill passed through both chambers of Congress with bipartisan support, with backers saying it creates necessary safeguards for the industry and keeps the US competitive in the space. But it also saw opposition from other members on both sides. Sen. Josh Hawley (R-MO) criticized the bill<\/a> as \u201ca huge giveaway to Big Tech,\u201d citing concerns it would incentivize companies that issue stablecoins to collect more financial data on consumers. In a speech on the Senate floor<\/a>, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA), said that the bill \u201cis riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.\u201d<\/p>\n

Warren and other Democrats<\/a> have also warned that legitimizing the stablecoin industry through the legislation could bolster a potential avenue of corruption for Trump. Trump\u2019s family is involved in crypto firm World Liberty Financial that launched its own stablecoin, USD1. The White House has said<\/a> the venture creates no conflicts for the president as his assets are in a trust managed by his kids.<\/p>\n

\u201cThrough his crypto businesses, President Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions\u2014perhaps billions\u2014of dollars from foreign governments, from billionaires, and from large corporations,\u201d Warren said. \u201cThis is the single greatest corruption scandal in American history and, by passing the GENIUS Act, the Senate is about to not only bless this corruption, but to actively facilitate its expansion.\u201d<\/p>\n

As Trump signed the GENIUS Act, he tried to steer attention to what he\u2019s billed as \u201ca big scandal\u201d for his predecessor<\/a>. \u201cThis is not an autopen, by the way.\u201d Trump quipped.<\/p>\n","protected":false},"excerpt":{"rendered":"The GENIUS Act creates rules for entities that issue stablecoins, whose value is tied to an asset like…\n","protected":false},"author":2,"featured_media":19944,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,13408,3,1343,111,9107,172],"class_list":{"0":"post-19943","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-crypto","10":"tag-news","11":"tag-policy","12":"tag-politics","13":"tag-regulation","14":"tag-tech"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/19943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=19943"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/19943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/19944"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=19943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=19943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=19943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}