19.07.2025 11:50
Former US President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law on Friday, marking a significant milestone in the US government's engagement with cryptocurrency. This legislation, passed after considerable deliberation within the House of Representatives and Senate, represents one of the first bills addressing crypto and blockchain technology under his administration. The signing ceremony, a high-profile event, featured a notable turnout of cryptocurrency executives and Republican leaders, including Vice President JD Vance and House Speaker Mike Johnson.
Trump's remarks during the ceremony acknowledged the significant contributions of the cryptocurrency industry, offering a stark contrast to past skepticism. He publicly recognized and lauded several influential figures in the crypto space, specifically mentioning Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino, and Robinhood CEO Vladimir Tenev. His speech highlighted the industry's resilience, celebrating its progress despite past dismissal and emphasizing the GENIUS Act as a testament to their pioneering efforts. The former president's words served to validate the crypto community's dedication and perseverance.
The SEC's response to the newly enacted law further shaped the narrative. SEC Chair Paul Atkins issued a statement emphasizing the importance of establishing clear regulatory frameworks to foster investor confidence and maintain the US's position as a global leader in finance and technology innovation. Commissioner Hester Peirce, who also heads the SEC's crypto task force, provided crucial context by clarifying that the GENIUS Act effectively designates payment stablecoins as non-securities under the SEC's jurisdiction. This clarification builds upon the SEC's April guidance, which outlined exemptions from reporting requirements for certain "covered stablecoins," conditioned on full backing by fiat reserves or similar low-risk assets, and a 1:1 USD redemption rate. Peirce's comments further underscored the significance of this legal development for the crypto ecosystem. The bill's passage reflects a developing understanding and engagement with the rapidly evolving landscape of digital currencies within the US political system.
