President Donald Trump signed the GENIUS Act bill just one day after it passed the House of Representatives with a vote result of 306–122
The bill became the first federal cryptocurrency law in the U.S., establishing strict rules for stablecoin issuers — including full 1:1 reserves, regular audits, and registration with federal or state regulators.
Trump signed the bill in a closed session on Friday morning. Celebrating the victory, the president jokingly told reporters, "It's called the GENIUS Act. I think it's named after me."
Crypto czar David Sachs, who played a key role in the negotiations, stated that the bill was "dead" at the beginning of the week until "we got our secret weapon, the decisive factor in the form of the Commander-in-Chief," referring to Trump's intervention.
Despite bipartisan support, some hardline Republicans remain opposed. Representative Marjorie Taylor Greene posted a warning on X (formerly Twitter):
"Congress is passing a bill today (GENIUS Act) that opens the backdoor for central bank digital currency (CBDC)."
