Thomas Daniels
C-suite leaders from the cryptocurrency industry took center stage this Friday as former U.S. President Donald Trump enacted the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. The signing ceremony, delayed by legislative negotiations in both chambers of Congress, was attended by prominent figures and lawmakers, including Vice President J.D. Vance and House Speaker Mike Johnson.
Trump acknowledged the presence and contributions of several high-profile crypto executives, such as Kraken co‑CEO David Ripley; Gemini co‑founders Cameron and Tyler Winklevoss; Coinbase CEO Brian Armstrong; Circle CEO Jeremy Allaire; Tether CEO Paolo Ardoino; and Robinhood CEO Vladimir Tenev. “The entire crypto community…were mocked and dismissed…and as little as a year and a half ago…you were counted out. This signing is a massive validation…of your hard work and pioneering spirit,” he remarked during the ceremony.
SEC Leadership Reacts to Stablecoin Clarification
Securities and Exchange Commission Chair Paul Atkins emphasized the importance of clear regulatory frameworks for innovation, stating that the U.S. must remain “the best and most secure place in the world to invest and do business.” Concurrently, SEC Commissioner Hester Peirce—who leads the agency’s crypto task force—affirmed that the GENIUS Act explicitly declares payment stablecoins are not securities, as long as they are fully backed by physical fiat or low-risk, liquid instruments redeemable at par. The SEC had issued similar guidance in April, delineating exemptions for such “covered stablecoins.”
Peirce further elaborated:
“People have voted with their dollars—privately issued stablecoins already enjoy broad use as a payments mechanism. The GENIUS Act, by putting a regulatory framework around them, aims to protect current and future users and the financial system.”
In prepared remarks, Trump also highlighted several crypto‑related initiatives since January, including the pardon of Silk Road founder Ross Ulbricht, the proposal for a national Bitcoin reserve, and the nomination of Paul Atkins to lead the SEC. He candidly admitted his support was in part “for the votes” ahead of the 2024 election.
GENIUS Act Leads Three‑Bill Crypto Agenda
This legislation marks the first of three crypto‑centric bills Republicans aimed to advance before the August congressional recess. The House also passed the Digital Asset Market Clarity (CLARITY) Act and the Anti‑CBDC Surveillance State Act, both now awaiting Senate review.
While both major parties demonstrated support for the GENIUS Act—with over 100 House Democrats joining Republicans—Senate Democrats are expected to contest the package, citing Trump’s ownership interests in the World Liberty Financial memecoin venture and his history of crypto industry endorsements.
Notably, the CLARITY Act passed with backing from 78 Democrats, whereas only two Democrats voted in favor of the Anti‑CBDC Surveillance State Act, suggesting the latter faces comparatively steeper Senate hurdles.
