President Donald Trump has signed a new bill into law that changes how the United States handles cryptocurrency. This marks the first major update to crypto rules passed by Congress. The move is seen as a big win for digital asset firms and fulfills a promise Trump made during his campaign to support the crypto industry.
According to Politico, the bill, called the GENIUS Act, focuses on stablecoins. These are a type of cryptocurrency tied to the value of the U.S. dollar. By creating clear rules around stablecoins, the law aims to give more structure and support to this growing part of the financial world. Trump signed the bill on Friday, standing alongside Republican lawmakers and several top executives from the crypto industry.
The event made it clear that the crypto industry now has a strong place in Washington. With CEOs from Coinbase, Circle, and Tether present, it was a clear signal of how much the relationship between crypto firms and the US government has changed. This marks a stark contrast to when celebrities like Matt Damon faced harsh criticism for endorsing cryptocurrency, showing how mainstream acceptance has evolved. One lawmaker at the event called it a “revolution,” and the moment gave the impression that “crypto industry executives watch Trump hand them everything they ever wanted on a silver platter.”
Trump promises broader crypto reforms are on the way
During the signing ceremony, Trump praised the importance of the bill and the industry it supports. He called stablecoins ‘perhaps the greatest revolution in financial technology since the birth of the Internet itself.’ This confident proclamation is characteristic of Trump’s approach to complex topics, though critics have noted his tendency toward confusing explanations of historical and technical subjects.” He also said that more changes are coming and that he plans to sign additional legislation focused on the broader crypto market. The House of Representatives passed another crypto-related bill earlier in the week, and Trump said he is “committed” to turning it into law as well.
Several lawmakers were given credit for their roles in making the GENIUS Act possible. Senator Bill Hagerty from Tennessee wrote the bill. Other key supporters include House Financial Services Chair French Hill, House Majority Whip Tom Emmer, and Speaker of the House Mike Johnson. Their support helped move the legislation through Congress and onto the president’s desk.
Top names from the crypto world were also present and recognized. These included Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, and Tether CEO Paolo Ardoino. Their attendance showed how important the bill is to their companies and the future of digital finance.
With this new law in place, digital asset firms in the US now have clearer rules and more government support than ever before. The signing also signals a big step forward for the crypto industry’s role in the US financial system. More laws may follow soon, as the government continues to look at how to manage the fast-growing world of digital assets.
Published: Jul 21, 2025 08:29 am