Trump Signs GENIUS Act Into Law, Jokingly Claims Credit for Naming

President TRUMP signed the GENIUS Act into law during a closed-door session, introducing stringent regulations for stablecoins. The bill mandates 1:1 reserves, regular audits, and registration with federal or state regulators. Trump quipped to reporters, "It's called the GENIUS Act. I think it's named after me."

The legislation faced last-minute hurdles until what one negotiator termed a "secret weapon"—Trump's direct intervention—secured its passage. Despite bipartisan support, hardline Republicans like Marjorie Taylor Greene oppose the bill, warning it could pave the way for a central bank digital currency. Supporters counter that the framework creates safeguards for private digital dollars without enabling government-controlled alternatives.

With immediate effect, US regulators now face a deadline to draft implementation rules. The move signals growing institutional acceptance of cryptocurrency frameworks, though political divisions persist around long-term monetary policy implications.