Trump Signs “Genius Act,” Aiming to Revolutionize US Financial System with Stablecoins
Former President Donald Trump has officially signed the “Genius Act” into law, a landmark regulatory framework for the issuance and circulation of stablecoins in the United States. Trump hailed the new law as a “financial revolution comparable to the emergence of the internet.”
“This is a truly historic day. The signing of the Genius Act not only validates the effort of an entire community but positions the United States as a global leader in financial innovation,” Trump stated during his speech.
The speech, lasting over an hour, included praise for the crypto sector, criticism of the Biden administration, and a series of campaign promises.
Clear Regulatory Structure for Dollar-Backed Stablecoins
The Genius Act establishes a legal framework that allows banks, companies, and financial institutions to issue digital assets backed one-to-one by dollars, U.S. Treasury securities, and other cash equivalents, such as stablecoins. According to Trump, this new model will be essential for modernizing the country’s outdated financial systems.
“The payment system in the U.S. is decades behind. Under this law, the entire system will be updated with cutting-edge technology based on cryptography,” he said.
Trump also stated that the new structure would enable value transfers with very low costs and settlement in seconds, replacing the currently common delays of days or weeks.
Defending the Dollar and Criticizing BRICS
Trump dedicated a significant portion of his speech to reinforcing his commitment to preserving the dollar’s sovereignty as the global reserve currency. He attacked the BRICS bloc—comprising countries like China, Russia, and Brazil—which, according to him, “tries to undermine the dollar standard.”
“They wanted to replace the dollar. I said that any country that joined the BRICS consortium would face 10% tariffs. The next day, nobody showed up. They were terrified of the public,” Trump recounted.
He classified the potential loss of the dollar’s status as “equivalent to losing a world war” and vowed not to allow it to happen. “If we have a smart president, the dollar will become stronger and stronger. But if they put an idiot in power, everything will be at risk,” he stated, in another jab at Joe Biden.
Campaign Promises: Crypto Leadership, Combating CBDCs, and Restoring Trust
The former president used the stage to reinforce campaign promises, reaffirming that, if he returns to the presidency, he will “transform the U.S. into the cryptocurrency capital of the world.”
He also reiterated his opposition to the creation of a digital currency issued by the Federal Reserve (CBDC), saying that he signed an executive order to prohibit its implementation. “I made it permanent. That’s not going to happen in our country,” he said.
The speech also included attacks on the previous administration. According to Trump, the Biden administration promoted an unjust persecution of the crypto industry, treating entrepreneurs “like criminals.”
“In the past, you were ridiculed, discredited, and persecuted. Now, you are being recognized and celebrated. This signing is a victory for freedom and American leadership,” Trump declared.
Presidential Pardon for Ross Ulbricht and Creation of Strategic Bitcoin Reserve
In another symbolic gesture, Trump confirmed that he had granted a full presidential pardon to Ross Ulbricht, founder of the online marketplace Silk Road, who has been imprisoned since 2013.
He mentioned that Ulbricht’s figure had become a “symbol of resistance” for part of the crypto community, and praised the convict’s mother, describing her as “an incredible woman.”
Additionally, Trump recalled the signing of an executive order that gave the green light for the creation of a U.S. Strategic Bitcoin Reserve, as well as the federal stock of digital assets.
“These measures show that we not only believe in cryptocurrencies but also bet on them as part of the country’s economic strength,” he stated.
Appointments and New Leadership at the SEC
During the event, Trump also confirmed the replacement of the chairman of the SEC (Securities and Exchange Commission) with Paul Atkins, described as “fair, respected by Wall Street, and a defender of economic freedom.”
The appointment had been promised by Trump during his 2024 campaign and was cheered by supporters present.
“He will be remembered as one of the greatest leaders in the history of the SEC. Unlike the previous one, who only blocked the future, Paul will build the future with Americans,” the Republican stated.
Bipartisan Support and Industry Names Present
Trump praised the support of Democratic lawmakers for the project, classifying the vote as a sign that the issue “transcends ideologies.”
“When you see Democrats voting in favor, you know you’re doing the right thing,” he said.
The event was attended by executives and founders of major companies in the sector, such as:
- Brian Armstrong (Coinbase)
- Jeremy Allaire (Circle)
- Paolo Ardoino (Tether)
- Vlad Tenev (Robinhood)
- David Ripley (Kraken)
- The Winklevoss twins (Gemini)
- Chris Pavlovski (Rumble)
- David Sacks, named as “crypto czar” in the White House
Sacks praised Trump’s vision, saying that “no other administration has moved with this speed.”
According to him, the Genius Act will create trillions of dollars in demand for Treasury securities and consolidate the global dominance of the dollar through secure digital assets.
With the Genius Act, Donald Trump is solidifying his strategy of approaching the cryptocurrency industry, offering clear promises of freedom, innovation, and economic protection.
The central message of his speech was unequivocal: the United States must lead the new global financial revolution, and his administration will be the vehicle for it.
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