‘GENIUS Act’: Donald Trump signs cryptocurrency bills into law, hails it as ‘good for dollar’

US President Donald Trump on Friday signed into law a new set of regulations targeting a specific type of cryptocurrency, marking a significant step forward for an industry that has invested heavily in gaining legitimacy and political influence.

The newly enacted GENIUS Act introduces foundational rules and consumer safeguards for stablecoin digital currencies pegged to assets such as the U.S. dollar to minimise price fluctuations. The legislation received strong bipartisan support in both the House and Senate, as reported by the Assocaited Press.

The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”

“For years you were mocked and dismissed and counted out," Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. “This signing is a massive validation of your hard work and your pioneering spirit.”

The crypto industry has long complained it was unfairly targeted by former President Joe Biden's administration and spent heavily to help Trump win last year's election.

Trump lavished praise on crypto leaders during his speech Friday, saying “nobody has gained the respect in such a short period of time.”

Trump said helping the cryptocurrency industry was “good for the dollar and it’s good for the country.”

“That’s why I backed you at an early stage,” said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securities and Exchange Commission dropping several enforcement actions against large crypto companies.

A provision in the GENIUS Act bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund in the United Arab Emirates.