At a signing ceremony held at the White House, former President Donald Trump said that by signing the landmark legislation known as GENIUS, the U.S. would take a major step toward strengthening American dominance in global crypto technology.
Trump said the crypto community had been ignored for years, but today's signing serves as a "validation" for the industry.
Emphasizing that crypto assets have risen faster than any stock, Trump thanked the crypto sector for contributing to the "incredible power" of the United States.
Calling crypto good for both the dollar and the country, Trump expressed his support for the industry.
Trump claimed the industry had previously been under "relentless attack by the Biden administration," and said he had ended the "unlawful operation" against crypto and Bitcoin.
"I promised to make the U.S. the crypto capital of the world, and we've done it," Trump declared, adding that under his leadership, the sector would advance even further.
He said GENIUS creates a clear and simple regulatory framework for dollar-backed stablecoins, and called it "perhaps the biggest revolution in financial technology since the birth of the internet."
Noting the high cost and delays in payments and money transfers, Trump said the new regulation would align the financial system with 21st-century technology.
GENIUS will provide a framework for banks, businesses, and financial institutions to issue crypto assets backed 1:1 by U.S. dollars, Treasury bonds, and other cash equivalents, Trump said, adding, "It truly strengthens the dollar and gives it great significance."
He claimed the regulation would increase demand for U.S. Treasury bonds, lower interest rates, and secure the dollar's status as the world's reserve currency for generations to come.
Losing the dollar's reserve currency status would be like "losing a world war," Trump warned, adding, "We can't let anyone play games with us. That's why if BRICS comes together in a meaningful way, it will end very quickly."
He reminded the public that he had threatened to impose tariffs on BRICS countries for trying to undermine the dollar's dominance.
"We will not let the dollar fall," Trump emphasized. "If there's a smart president, you'll never let the dollar weaken. If there's an idiot like the last one, it might happen. But we can't let that happen again."
Trump reaffirmed his pledge not to allow the creation of a central bank digital currency (CBDC) in the U.S., adding that he would soon sign a bill related to that commitment.
"With today's signing, the future of crypto, the crypto industry, and the U.S. dollar will be stronger, bigger, and better than ever before," Trump concluded.
Trump said the tariff letters he sends are essentially "trade deals," stating: "When I send papers saying, 'You're paying 35% or 40% tariffs,' that's a deal. Then they call and ask if we can make a slightly different deal to open up trade in their countries."
He said progress was going well and hinted at potentially announcing major agreements soon.
Following his speech, Trump signed the National Establishment and Guiding Innovation for U.S. Stablecoins Act, known as GENIUS, into law.
The bill, which aims to regulate the stablecoin market, passed the Senate last month with bipartisan support in a 68–30 vote.
In a vote held yesterday, the bill also passed the House of Representatives with 308 votes in favor and 122 against. While 12 Republican representatives opposed the bill, 102 Democrats voted in favor.
The legislation aims to create a federal regulatory framework for dollar-backed stablecoins and to improve transparency and accountability in the stablecoin market.
