U.S. President Donald Trump signed the GENIUS Act into law at the White House on Friday afternoon, marking a landmark victory for cryptocurrency policy advocates.
Donald Trump Approves the GENIUS Act
Known as the Guide and Establish National Innovation for U.S. Stablecoin Act (GENIUS), the signing of the bill brought a smile to Trump as he congratulated key U.S. lawmakers and reporters at the landmark bill signing on July 18.
"We have worked very hard. This is a very important act—the GENIUS Act—they named it after me," Trump joked. "I want to thank you. This is a great show."
"Let me be clear, the entire cryptocurrency community, for many years now, you have been ridiculed, dismissed, and underestimated," the president continued. "You were only just underestimated a year and a half ago—but this signing is a huge affirmation."
Cryptocurrency Law Triumphs Despite Opposition from U.S. Lawmakers
Trump's comments came just a day after the GENIUS Act was passed in the chamber with a vote of 308-122 on Thursday during the Republicans' self-proclaimed 'Cryptocurrency Week.'
The important cryptocurrency bill is just one of the three hotly debated cryptocurrency bills that the House of Representatives will consider this week, along with the CLARITY Act and the anti-CBDC Act.
All three cryptocurrency bills failed in procedural voting on Tuesday, in which U.S. President Donald Trump had a late-night discussion with opposing lawmakers.
The approval of the GENIUS Act was largely welcomed by members of the cryptocurrency community, although some senior Democrats opposed the move.
Congresswoman Maxine Waters (D-CA) has launched her own 'Cryptocurrency Anti-Corruption Week' to oppose the push for three important cryptocurrency bills.
Waters stated in a recent statement that: "These bills are harmful to hard-working Americans, putting them at risk of falling into a future financial crisis—all to legitimize Donald Trump's cryptocurrency scams."
