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President Donald Trump signed the law on Friday to guide and establish national innovation for the US stubcoin law. This is a groundbreaking part of the law establishing federal regulations surrounding digital currencies.
Before signing the bill, Trump recalled how he had previously vowed to make the United States the “crypto capital of the globe” during his keynote speech at the Bitcoin Conference held in Nashville, Tennessee in July 2024.
“We have pledged to regain America’s freedom and leadership and make the United States the world’s crypto capital,” Trump said Friday. “That’s what we did. And under the Trump administration, this is going even further.”
President Donald Trump will make his remarks at the “Genius Law” signing ceremony at the White House East Room held in Washington on July 18, 2025.
Stablecoins are a type of digital currency linked to stable assets such as gold and US dollars, and are intended to ensure more consistent prices.
“As we promised last year, genius will create a clear, simple regulatory framework to establish and unleash the immeasurable promise of dollar-backed stubcoin,” Trump said Friday. “This could possibly be the biggest revolution in financial technology since the birth of the Internet itself.”
According to the Senate Banking Committee, the Genius Act includes provisions that include monthly public disclosures of preliminary competitions and annual audited financial statements of issuers with market capitalizations of more than $50 billion.
House passes through Burmaxin Waters, known as “Full-Scale Cryptographed Scams.”
President Donald Trump will arrive at the Genius Law Signing Ceremony in the East Room of the White House in Washington on July 18, 2025.
The House passed the Genius Act Thursday with 308-122 votes after clearing the Senate with a margin of 68-30 in June.
“For too long, the US digital asset industry has held its breath to vague rules, confused enforcement and the Biden administration’s anti-cryptic crusade,” R-Minn said. “But President Trump and this Congress are revising the course by unlocking the possibilities of American digital assets with historic and transformative laws.”
Despite bipartisanship and support from many Democrats, the law did not win votes from all members of the Presidential Party.
Vance declares that “Crypto has the ultimate champion” at the White House
Rep. Tom Emmer (R-MN) will speak at the Herb Brooks National Hockey Center on July 27, 2024, in St. Cloud, Minnesota, at a rally featuring Republican presidential candidate President Donald Trump and Republican vice presidential candidate JD Vance (R-OH). (Stephen Maturen/Getty Images)
Twelve Republicans voted against the measure. This attracted scrutiny from lawmakers like Maxine Waters, the House Financial Services Committee’s ranking member, due to concerns about conflicts of interest, as Trump promoted a digital currency called $Trump.
The Senate passes landmark cryptography for the bank chair to promote “historic day”
“By passing this bill, Congress will tell the world that Congress is OK for corruption and that it’s OK for foreign companies to buy influence, and that it’s OK for criminals to buy Trump coins to seek pardon and beneficial treatment,” Waters told the House on Thursday.
In addition to the Genius Act, the House of Representatives passed two other measures related to cryptocurrency on Thursday: the Clarity Act of the Digital Asset Market to establish an additional regulatory framework for digital assets, and the National Assets Against CBDC Surveillance Act aimed at directly suspending the Federal Reserve from the Central Bank Digital Currency (CBDC), which will directly halt individuals.
Liz Elkind from Fox News contributed to this report
Rep. Maxine Waters (D-CA) has questioned Treasury Secretary Scott Becent, who appeared before the House Financial Services Committee in Washington on May 7, 2025.
Diana Stancy is a political reporter for Fox News Digital, covering the White House.
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