U.S. President Donald Trump on Friday signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) into law, hailing it as a landmark moment for American dominance in global finance and digital currency.
Joking about the bill’s acronym, Trump quipped, “They named it after me! This is hell of an act!” as he addressed a crowd of crypto industry leaders and lawmakers at the White House.
The GENIUS Act, officially titled S. 1582, establishes a clear regulatory framework for the issuance and use of payment stablecoins, aiming to position the United States at the forefront of the global crypto revolution.
“This afternoon, we take a giant step to cement American dominance in global finance and crypto technology,” Trump said. “For years, you were mocked and dismissed… this is a massive validation of your hard work and pioneering spirit.”
Emphasizing the Act’s importance, Trump pledged, “We will never allow the creation of a Central Bank Digital Currency in America. It won’t happen.”
Treasury Secretary Scott Bessent praised the legislation, calling it a visionary move that will ensure the U.S. dollar’s dominance as the global reserve currency in the digital age.
“Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain,” Bessent said, crediting President Trump and Senator Bill Hagerty for their leadership.
The GENIUS Act marks a historic step in shaping the future of financial technology, with bipartisan support positioning the U.S. to lead in digital currency innovation while reinforcing its financial sovereignty.
