Trump’s Crypto Law: A Step Toward American Dominance in Digital Currency
Trump Signs Landmark Cryptocurrency Legislation Amid Controversy
New Regulations for Stablecoins Introduced
Washington, DC – President Donald Trump has officially enacted new legislation aimed at the cryptocurrency sector, which supporters believe marks a significant turning point for the industry.
During a White House event on Friday, Trump praised the GENIUS Act, which introduces regulations and consumer safeguards specifically for stablecoins—cryptocurrencies whose values are pegged to stable assets like fiat currencies.
This bill signing concluded what Trump referred to as “crypto week,” during which three cryptocurrency-related bills were discussed in Congress. Ultimately, only the stablecoin legislation reached the president’s desk.
Two additional proposals—one aimed at prohibiting government-backed digital currencies and another focused on clarifying regulatory definitions for various cryptocurrency products—were passed by the House of Representatives on Thursday and are pending a Senate vote.
Despite the limited scope of the legislation, Trump characterized the signing event as a monumental step toward reinforcing America’s leadership in global finance and cryptocurrency innovation.
Industry Support and Criticism
Proponents of the GENIUS Act argue that such legislation is crucial for promoting the mainstream acceptance of cryptocurrencies in the United States. They contend that the current lack of regulatory clarity has impeded broader public engagement with digital currencies.
However, detractors have raised alarms regarding the Trump family’s connections to the cryptocurrency sector, particularly their investment in World Liberty Financial, which has launched its own stablecoin, USD1. Critics emphasize that the recent wave of Republican-led legislation fails to clarify whether a sitting president can maintain financial interests in cryptocurrencies, potentially paving the way for conflicts of interest.
Democratic lawmakers have also expressed concerns that the GENIUS Act establishes an insufficient regulatory framework, which could lead to long-term financial instability and allow large corporations to create their own private cryptocurrencies.
Trump’s Commitment to the Crypto Sector
During the signing ceremony, Trump reaffirmed his commitment to the cryptocurrency industry, including plans to advocate for a national “crypto reserve.” He positioned his administration as a stark contrast to the policies of former President Joe Biden, who had taken a more stringent approach to investigating cryptocurrency-related offenses.
Since beginning his second term in January, Trump has rolled back several investigations initiated during the Biden administration and halted a specialized enforcement team within the Department of Justice.
Notably, several cryptocurrency leaders who had previously faced government scrutiny were present at the White House event. Trump remarked, “You’ve made significant progress since the Biden era, when many of you were unfairly targeted.”
He specifically acknowledged industry figures such as Brian Armstrong, Chris Pavlovski, and the Winklevoss twins, all of whom were subjects of investigations by the Securities and Exchange Commission (SEC) during Biden’s tenure.
“You’ve been underestimated for years, but today’s signing serves as a powerful endorsement of your efforts,” Trump stated, highlighting the resilience of the cryptocurrency community.
