Trump Signs GENIUS Act Into Law, Establishing First U.S. Stablecoin Framework

President Donald Trump signed the GENIUS Act into law on July 18, marking a watershed moment for cryptocurrency regulation in the United States. The legislation creates the country's first federal framework for dollar-backed stablecoins, with Trump declaring it will secure "global dominance" in crypto technology.

The Act assigns oversight to the Federal Reserve, requiring stablecoin issuers to maintain high-quality liquid assets like cash or Treasury bills to back each token. State-chartered firms can participate if they meet stringent reserve, disclosure, and risk control standards.

Treasury Secretary Scott Bessent hailed the MOVE as fulfilling America's promise to become the "crypto capital of the world." The development is expected to accelerate institutional adoption of stablecoins while reinforcing the U.S. dollar's global supremacy in digital payments.