President Trump, who has rapidly expanded his fortune by investing in Crypto, has now signed the first major part of the encryption law.
What is the Senate’s genius act?
The Genius Act, along with other cryptography, will be reviewed by the house during “Crypto Week.”
WASHINGTON – President Donald Trump, who earned hundreds of millions of dollars in the White House from his recent diving into Crypto, has now signed the first major law in crypto.
At the White House ceremony on July 18th, Trump signed a crypto industry-backed law known as the Genius Act, which creates a regulatory framework for Stablecoins, a popular type of cryptocurrency tied to the value of stable assets like the US dollar.
“This could probably be the biggest revolution in financial technology since the Internet itself was born, and many people have said that,” Trump said. “What do you think? If you say ‘Yes’, I’m saying yes. ”
Trump signed the law while surrounded by Republican lawmakers who sponsored bills and code executives.
“No one has gained respect in such a short period of time,” Trump said. “This signature is a massive verification of your hard work and your pioneering spirit and ability to never give up.”
Crypto advocates argue that the law will set industry standards that will protect consumers and allow stubcoin to become the mainstream of digital payments and other financial products.
Trump’s signature comes after the House voted 308-122 this week. All Republicans and several Democrats voted in favor of approving the law after the Senate voted for the bill in June.
“It’s a very important act. A genius act. They named it after me,” Trump said.
Trump campaigned in the 2024 election by moving away from the Biden administration to support code-friendly policies.
“It’s good for the dollar, and it’s good for the country. That’s why I supported you early,” Trump said. “And I did that for the vote too — you came out and voted, so I say.”
In a short time, Trump has developed a comfortable relationship with the lucrative crypto industry and has since returned to the White House in January, embraced digital currency to boost his own personal wealth.
Trump is making $620 million from his crypto venture at the second White House, Bloomberg analysis found. This includes approximately $460 million from World Liberty Financial, a decentralized financial company and platform that sells its own brand tokens. The Trump family is betting on ventures.
According to Reuters, Trump meme coins, known as $Trump, also earn an estimated $320 million in fees, but it is unclear how much it cost Trump-controlled entities and their partners.
In May, Trump hosted dinner at Virginia Golf Club for 220 investors. 220 investors have plowed a total of $148 million into crypto venture Trump Memecoin, raising ethical concerns from Democrats and other critics.
Democrats pointed to Trump’s growing ties with the crypto world when criticising legislation.
“The act of genius accelerates Trump corruption by exceeding the size of the stubcoin market and the reach and profitability of Trump’s USD1,” said Sen. Elizabeth Warren, Sen. D-Massachusetts, in May. “And for the first time in American history, this bill will create President Donald Trump, the regulator of his own financial products.”
This week, the Republican-controlled House has also approved two other cryptography bills that require sign-offs from the Senate. One measure cleared by a 219-210 vote with only Republican support would ban the Federal Reserve from creating a central bank for cryptocurrency.
Another bill, known as the Clarity Act, establishes industry-driven cryptocurrency regulations, such as weakening the Securities and Exchange Commission’s oversight of cryptocurrencies. It was passed by 294-134 votes, with 78 House Democrats joining Republicans.
“We’re going to grow that even further,” Trump said of the crypto industry.
Contribution: Reuters
Contact Joey Garrison at X @joeygarriosn.
