Bo Hines, Executive Director of the U.S. Presidential Advisory Council on Digital Assets, announced today that President Donald Trump will sign into law the most comprehensive regulation in cryptocurrency history.
“This afternoon, President Trump will sign the GENIUS Act, the most monumental crypto legislation in American history. By doing so, we are securing the sovereignty of the dollar, unlocking innovation, and establishing the United States as a permanent leader in the future of digital finance,” Hines said.
Yesterday, the House of Representatives overwhelmingly approved the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the first major cryptocurrency regulation in the country. The bill will become official upon President Trump’s signature.
The law establishes framework rules for stablecoin issuers. These digital assets, pegged to $1, are touted as fast and low-cost payment methods. The GENIUS Act requires stablecoin issuers to collateralize each coin 1:1 with low-risk assets, be accountable to state or federal regulatory bodies, and implement strict anti-money laundering controls.
In June, Treasury Secretary Scott Bessent announced that he predicted that the stablecoin economy could grow from $195 billion to over $2 trillion thanks to this regulation.
President Trump promised during his campaign to make the US the “crypto center of the world.” Following the Senate’s passage of the bill in June, Trump requested that the House deliver the bill to him immediately, “without any additions or amendments.” This request is being fulfilled today.
*This is not investment advice.