WASHINGTON ― President Donald Trump, who has made hundreds of millions of dollars in the White House from his recent dive into crypto, has now signed the first major piece of crypto legislation into law.
During a July 18 White House ceremony, Trump signed legislation backed by the crypto industry known as the Genius Act, which creates a regulatory framework for stablecoins, a popular type of cryptocurrency tied to the value of stable assets like the U.S. dollar.
“This could be perhaps the greatest revolution in financial technology since the birth of the internet itself. A lot of people are saying that,” Trump said. “What do you guys think? If you say yes, I’m saying yes.”
Trump signed the legislation while surrounded by Republican lawmakers who sponsored the bill and crypto executives.
“Nobody’s gained the respect in such a short period of time,” Trump said. “This signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up.”
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Crypto advocates have argued the law will protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments.
Trump’s signature came after the House of Representatives this week voted 308-122, with all Republicans and several Democrats voting in favor, to approve the legislation after the Senate voted for the bill in June.
“It’s a very important act. The Genius Act. They named it after me,” said Trump, drawing laughs from supporters.
Trump campaigned in the 2024 election on supporting crypto-friendly policies in a departure from the Biden administration.
“It’s good for the dollar and it’s good for the country. And that’s why I backed you at an early stage,” Trump said. “And I also did it for the votes ‒ because you did come out and vote, I will say.”
In short time, Trump has built a cozy relationship with the lucrative crypto industry and embraced the digital currency to boost his own personal wealth since returning to the White House in January.
Trump has made $620 million from his crypto ventures during his second White House, a Bloomberg analysis found. That includes about $460 million from World Liberty Financial, a decentralized financial company and platform that sells its own branded tokens. The Trump family has stake in the venture.
Trump’s meme coin, called $TRUMP, has also earned an estimated $320 million in fees, according to Reuters, but it is unclear how much has gone toward a Trump-controlled entity and its partners.
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In May, Trump hosted a dinner at his Virginia golf club for 220 investors who plowed a combined $148 million into his crypto venture, the $TRUMP meme coin, raising ethics concerns from Democrats and other critics.
Democrats pointed to Trump’s growing ties to the crypto world in criticizing the legislation.
“The Genius Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of Trump’s USD1,” said Sen. Elizabeth Warren, D-Massachusetts, on the Senate floor in May. “And, for the first time in American history, this bill will make our President, Donald Trump, the regulator of his own financial product.”
The Republican-controlled House this week also approved two other crypto bills that still require sign off from the Senate. One measure, which cleared by a 219-210 vote with only Republican support, would bar the Federal Reserve from creating a central bank for cryptocurrency.
Another bill, known as the Clarity Act, would establish cryptocurrency regulations pushed by the industry including weakening the Securities and Exchange Commission’s oversight of cryptocurrency. It passed by a 294-134 vote, with 78 House Democrats joining Republicans.
“We’re going to be growing it even more,” Trump said of the crypto industry, “more than anyone ever thought.”
Contributing: Reuters
Reach Joey Garrison on X @joeygarriosn.
This article originally appeared on USA TODAY: Trump signs ‘Genius Act,’ delivering major win to crypto industry
