Trump signs first-of-its-kind cryptocurrency bill

WASHINGTON — President Donald Trump on Friday formally signed a first-of-its-kind bill setting new regulations for a specific type of cryptocurrency in what he deemed a “massive validation” for an industry he noted was rapidly on the rise. 

”Nobody has gained the respect in such a short period of time,” Trump said of the industry. “But this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up.” 

The legislation, called the GENIUS Act — Trump opened by quipping "they named it after me” — creates a federal framework of regulations and guardrails for stablecoins. Stablecoins — with a market that reached $238 billion in April, according to CoinDeskData — is often considered a more steady type of cryptocurrency, as it is tied to other assets such as the U.S. dollar.

“It's good for the dollar, and it's good for the country,” Trump declared. 

The East Room signing ceremony attended by members of Congress and key players in the industry officially capped what Republicans deemed “crypto week” in Congress, which saw the House pass the GENIUS Act and two other pieces of legislation relating to digital currency.

One of the bills looks to establish more sweeping regulations for cryptocurrencies and the other bars a central bank digital currency. Both of those still have to go to the Senate. 

The president noted Friday the work it took to get the landmark legislation over the finish line, which came amid an escalating outcry in the GOP and a rare break between Trump and some of his supporters over Jeffrey Epstein and a Department of Justice memo concluding it would not release more information on his case.  

The cryptocurrency bill was held up earlier this week at the hands of a dozen House members. Trump had to summon 11 of them to the Oval Office Tuesday night, he said in a post on Truth Social, to personally reach an agreement that ultimately led to the legislation clearing the House with the backing of more than 200 Republicans and more than 100 Democrats, including House Minority Leader Hakeem Jeffries, D-N.Y.

”I’m so tired of making phone calls at two, three, four o’clock,” Trump said as he appeared to lament the small GOP majority in the House that has led to battles to get key legislation passed.

“Ninety-six percent phenomenal and 4% extremely difficult,” Trump said seemingly about House Republican members, “But they get there — most of them, not all of them. Those are the ones we really don’t like.” 

Trump’s White House AI and crypto czar, David Sacks, noted the president’s role in getting the bill passed, calling him the “secret weapon.” 

“We have a dealmaker-in-chief, and thanks to President Trump, he stepped in and saved this bill,” Sacks said. 

Among those in attendance were representatives for companies such as Rumble and Robinhood. 

The president also used the ceremony to tout his leadership in the cryptocurrency space more broadly, noting he has already created a strategic bitcoin reserve and a U.S. digital asset sockpile since his return to the Oval Office. He recounted speaking at the Bitcoin 2024 conference in Nashville, Tennessee, as a candidate last summer, where he vowed to make the U.S. the “crypto capital of the planet.” 

“With today's signing, we're pushing even further into the exciting new frontier,” Trump said. 

Sacks at the ceremony asserted the GENIUS Act was a “monumental step to fulfill” such a promise. 

Trump also launched a meme coin just before his inauguration in January in what was seen as a norm-diverging move that sparked backlash from some critics. In May, he held a private dinner at his golf club just outside Washington for top investors of his token.