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Key Points

Trump signed the GENIUS Act, joking it was named after him while emphasizing its role in US crypto leadership. The law establishes a regulatory framework for stablecoins, aiming to strengthen the dollar’s global reserve status. Trump also reiterated his opposition to a central bank digital currency. Treasury Secretary Scott Bessent praised the move as pivotal for future financial innovation.

Key Points: Trump Signs GENIUS Act Calling It Named After Him

  • Trump signs GENIUS Act to regulate stablecoins
  • Calls it a historic step for US crypto dominance
  • Vows to block central bank digital currency
  • Treasury Secretary praises dollar’s global reserve status
3 min read

They named it after me!, says Trump while signing the GENIUS Act

Trump signs the landmark GENIUS Act regulating stablecoins, joking it was named after him while cementing US crypto leadership.

"The GENIUS Act—they named it after me. This is hell of an act! - Donald Trump"

Washington DC, July 19

US President Donald Trump on Friday (local time) signed into Law S. 1582 GENIUS Act.

The Act aims to regulate payment stablecoins.

The White House in an official statement said, "On Friday, July 18, 2025, the President signed into law: S. 1582, the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" or "GENIUS Act," which provides for the regulation of payment stablecoins, and for other purposes."

Addressing the audience while signing the Act, Trump jested, "The GENIUS Act -- they named it after me. This is hell of an act!"

The GENIUS Act is a historic piece of legislation that aims to pave the way for the United States to lead the global digital currency revolution.

Trump recognised the many industry leaders present for the signing of the GENIUS Act.

"This afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law," Trump said.

Addressing the crypto community, he said, "For years, you were mocked and dismissed and counted out... this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up... Congratulations on this incredible achievement!"

Trump said that the act ensured that the US would be the Crypto Capital of the world.

"I pledged that we would bring back American liberty and leadership and make the United States the Crypto Capital of the world -- and that's exactly what we've done. 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," he said.

"I also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won't happen," he added.

Scott Bessent, US Secretary of the Treasury, lauded Trump's decision, which will help cement the US dollar as the global reserve currency.

https://x.com/SecScottBessent/status/1946283991562084432

"Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. Thanks to President Trump's visionary leadership, and Senator Bill Hagerty's important work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come," Bessent said in a post on X.

- ANI

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Reader Comments

A
Ananya R
As someone working in fintech, this is actually a progressive move. India should take notes - clear crypto regulations would help our startups compete globally. But why the self-congratulatory name? Could've been more professional.
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Vikram M
Another day, another Trump show! But jokes aside, this could impact our IT sector positively. Many Indian crypto developers might get more opportunities if US companies expand due to clearer regulations.
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Priya S
The US dollar becoming the global crypto standard is concerning for developing economies like India. We should accelerate our digital rupee project before we become too dependent on their systems. #MakeInIndia
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Karthik V
Trump's ego aside, this is actually good news for Indian crypto exchanges. Clear US regulations mean less volatility and more institutional money entering the space. Maybe RBI will reconsider its strict stance now.
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Sarah B
Interesting development! As an expat in Bangalore working in blockchain, I see this creating more collaboration opportunities between Indian and US tech firms. The naming is cringey though - very on-brand for Trump!
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Nikhil C
Modi government should take this as a challenge. While US focuses on crypto, we should double down on UPI and make it the global standard for digital payments. Our system is already better than anything in the West!

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