In a historic moment for the cryptocurrency sector, President Donald Trump has officially signed the GENIUS Act into law, heralding a new era for blockchain technology in America.
According to Red State, this landmark legislation, signed on Friday afternoon, caps off "Crypto Week" and positions the United States as a leader in financial innovation through blockchain advancements.
The signing ceremony, held on Friday, marked the culmination of a week dedicated to cryptocurrency advocacy and policy discussions, aptly named "Crypto Week." President Trump was joined by a host of prominent figures from both politics and industry during the event.
Among the political attendees were Vice President JD Vance, Sen. Bill Hagerty (R-TN), who authored the bill, House Speaker Mike Johnson (R-LA), Secretary of Commerce Howard Lutnick, Sen. Bernie Moreno (R-OH), and House Majority Whip Tom Emmer (R-MN), along with other key legislators.
Industry leaders from the financial, tech, and crypto sectors also attended, showcasing broad support for the new law. Notable figures included Coinbase CEO Brian Armstrong, Kraken CEO Dave Ripley, Circle CEO Jeremy Allaire, Tether’s Paolo Ardoino, Visa, Inc.’s Ryan McInerney, Rumble’s Chris Pavlovski, Robinhood co-founder Vlad Tenev, and Gemini founders Tyler and Cameron Winklevoss. Their presence underscored the significance of the moment for the rapidly evolving digital currency landscape.
During his address, President Trump reflected on the journey of the cryptocurrency community with admiration. He noted how the sector had faced skepticism and derision in the past but has now earned widespread acknowledgment. “This is not an Autopen!” Trump exclaimed, emphasizing the personal importance of his signature on the bill.
Trump further praised the industry’s remarkable growth, stating, “Let me say the entire crypto community for years you were mocked, and dismissed, and counted out, you were counted out as little as a year and a half ago.” “But this signing is a massive validation, and even before this signing over the last year, year and a half, I think your stuff has gone up more than any stock [...] you have, certainly as an industry, gone up more than anybody,” he continued. “Nobody's gained the respect in such a short period of time,” Trump added, commending their tenacity.
He also acknowledged their refusal to back down, saying, “'Cause a lot of people would have given up two, three years ago.” “So, I want to thank you for contributing to the incredible strength of America, this is going to make it stronger, and congratulations on this incredible achievement,” Trump concluded. The president also drew cheers when he mentioned the dismissal of Gary Gensler, the former SEC Chair under the Biden administration.
Following Trump’s remarks, White House AI and crypto adviser David Sacks took the stage to speak. Sacks shared his unexpected path to government service, saying, “It's a great, great honor to be here, and it's true, I never expected to work in government at all, and then everything changed after President Trump came on my podcast.” “I accepted this job as crypto czar because I thought it was a once-in-a-lifetime opportunity to work for a president who really wants to get things done for the American people,” he added.
Sacks also expressed gratitude to various individuals who played a role in shaping and guiding the GENIUS Act through Congress. He highlighted the challenges faced, noting, “Most of all, I want to thank President Trump for accomplishing what nobody thought was possible.” “And it's true, that just earlier this week the media was reporting that this bill was dead,” Sacks recalled, pointing to the obstacles encountered.
“This bill was dead,” Sacks reiterated, emphasizing the dire predictions made by media outlets. “But then the media didn't know one thing: We have a secret weapon, we have a Dealmaker in Chief,” he said, crediting Trump’s involvement. “And thanks to President Trump, he stepped in and saved this bill,” Sacks affirmed, praising the president’s decisive action.
Sacks concluded, “It's because of your vision, your leadership, your determination, and your skill that we're all here today.” Meanwhile, Secretary of the Treasury Scott Bessent took to social media platform X to explain the broader impact of the GENIUS Act. Bessent wrote, “Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain.”
He further elaborated, “Thanks to President Trump’s visionary leadership, and @SenatorHagerty's important work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.” The legislation is designed to integrate blockchain into the financial system, enhancing the efficiency and security of transactions. This move is seen as a strategic effort to maintain America’s economic leadership on the world stage.
The GENIUS Act represents a forward-thinking approach to modernizing payment systems through cutting-edge technology. By embracing blockchain, the U.S. aims to stay ahead in the global financial race. The signing of this bill is a testament to the growing acceptance of digital currencies and their potential to transform economies.