President Donald Trump, speaking at a press conference on Friday, said that the GENIUS Act was ‘named after me’. The 79-year-old signed the bill into law after the US Congress passed it. Trump further said he backed crypto during the campaign ‘for the votes’.
The president lavished praise on crypto leaders during his speech, saying ‘nobody has gained the respect in such a short period of time’.
Speaking of the industry, Trump said, “It’s good for the dollar and it’s good for the country. That’s why I backed you at an early stage.”
Then the president made a candid admission about the political calculus — “And I also did it for the votes,” he said, drawing laughter from the audience.
Trump joked that the stablecoin bill was named after him. “The GENIUS Act, they named it after me,” he said at the White House.
What's in Trump's Genius Act? Has POTUS signed it yet?
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), a landmark bill regulating stablecoin cryptocurrencies, was signed into law by President Trump.
GENIUS Act Details
The GENIUS Act establishes the first federal regulatory framework for stablecoins, cryptocurrencies pegged to assets like the US dollar, with a $250 billion market.
{{/usCountry}}The GENIUS Act establishes the first federal regulatory framework for stablecoins, cryptocurrencies pegged to assets like the US dollar, with a $250 billion market.
{{/usCountry}}Only permitted payment stablecoin issuers (PPSIs), subsidiaries of insured depository institutions, federal-qualified nonbanks, or state-qualified issuers (with ≤$10 billion in issuance), an issue stablecoins, the act reads.
Issuers must maintain 1:1 reserves in US dollars or low-risk assets, publish monthly reserve compositions, and undergo audits.
Issuers must disclose redemption policies and are barred from rehypothecating reserves except under strict conditions, as per the bill. A dual regulatory system involves the Treasury, Federal Reserve, and OCC, with states certifying smaller issuers.
Foreign stablecoin issuers must register with the OCC and hold U.S. reserves if their country’s regulations are deemed comparable by the Treasury. After three years (July 2028), non-PPSI stablecoins are banned in the US, and yield offerings for stablecoin holders are prohibited.
Stablecoins are not classified as securities or commodities, limiting SEC and CFTC oversight. The Act bans Congress members and families from profiting off stablecoins but excludes the President, raising concerns about Trump’s World Liberty Financial.
The Act takes effect 18 months after signing (January 2027) or 120 days after final regulations by the Treasury and Federal Reserve, whichever is earlier.