Trump inks GENIUS Act
(MENAFN) U.S. President Donald Trump has signed the GENIUS Act — Guiding and Establishing National Innovation for U.S. Stablecoins Act — into law, marking the first federal legislation to regulate stablecoins in the United States.
The bill, passed by the Senate in June and by the House of Representatives on Thursday, aims to provide a clear legal framework for the issuance and oversight of dollar-backed stablecoins, a form of digital currency tied to fiat money like the U.S. dollar.
Speaking at the signing ceremony on Friday, Trump described the legislation as a major milestone:
“The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the Internet itself.”
Under the act, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) will be responsible for overseeing stablecoin issuers, setting national standards for security, liquidity, and consumer protection.
Trump personally lobbied for the bill’s passage, convincing some hesitant Republican lawmakers to support it. The law is expected to provide legal certainty for fintech firms and banks venturing into the digital currency space, potentially accelerating innovation in the U.S. financial system.
The bill, passed by the Senate in June and by the House of Representatives on Thursday, aims to provide a clear legal framework for the issuance and oversight of dollar-backed stablecoins, a form of digital currency tied to fiat money like the U.S. dollar.
Speaking at the signing ceremony on Friday, Trump described the legislation as a major milestone:
“The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the Internet itself.”
Under the act, the Federal Reserve and the Office of the Comptroller of the Currency (OCC) will be responsible for overseeing stablecoin issuers, setting national standards for security, liquidity, and consumer protection.
Trump personally lobbied for the bill’s passage, convincing some hesitant Republican lawmakers to support it. The law is expected to provide legal certainty for fintech firms and banks venturing into the digital currency space, potentially accelerating innovation in the U.S. financial system.
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