Trump Declares New Crypto Law Will Cement ‘American Dominance’ in Global Finance
Washington, DC – In a significant move for the cryptocurrency industry, President Donald Trump signed the GENIUS Act into law on Friday, July 18, 2025. The legislation establishes key regulations and consumer protections for stablecoins—a type of cryptocurrency pegged to fixed currencies or commodities—and marks what advocates are calling a watershed moment for the sector.
Landmark Legislation Amid ‘Crypto Week’
The signing event, held at the White House, capped off what Trump referred to as “crypto week,” during which three cryptocurrency-related bills progressed through the US legislature. While the GENIUS Act successfully reached the president’s desk, two other measures remain pending in the Senate. These include a bill aimed at prohibiting government-issued digital currencies and another designed to clarify regulatory classifications for cryptocurrency products.
Trump hailed the adoption of the GENIUS Act as “a giant step to cement the American dominance of global finance and crypto technology.” According to industry backers, the new framework will help bring cryptocurrency further into the financial mainstream in the United States by resolving longstanding uncertainties around regulation.
Industry Reaction and Political Context
Advocates argue that regulatory clarity is essential for broader public adoption of digital currencies, a hurdle that much of the industry has faced in recent years. However, the legislation has not escaped criticism. Democrats and some watchdog groups contend that the GENIUS Act falls short of providing a robust regulatory regime, potentially exposing the financial system to long-term risks. They also warn it could open the door for large corporations to issue private cryptocurrencies without sufficient oversight.
Adding to the controversy are concerns regarding the Trump family’s connections to the crypto world, particularly their interest in World Liberty Financial, a company that issues its own stablecoin known as USD1. Critics emphasize that the current Republican-led bills do not address the ethical question of whether a sitting president can hold cryptocurrency assets, spotlighting potential conflicts of interest.
Trump Contrasts Current Approach With Biden Era
Since beginning his second term in January, President Trump has pivoted sharply from former President Joe Biden’s policies that took a stricter approach to cryptocurrency regulation. Notably, Trump ended several ongoing Biden-era investigations and disbanded a special Department of Justice enforcement team focused on crypto-related crimes.
The signing ceremony also featured prominent crypto leaders who had previously faced government probes, including Brian Armstrong, Chris Pavlovski, and twins Tyler and Cameron Winklevoss. Trump personally acknowledged their struggles and praised the industry’s resilience.
“You’ve come a long way since the Biden administration, when they had no idea what you were all talking about, and half of you were under arrest for no reason whatsoever,” Trump remarked.
He further added, “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.”
Looking Ahead: The Vision for a ‘Crypto Reserve’
The president expressed his commitment to continue supporting the cryptocurrency sector, including advocating for the establishment of a national “crypto reserve.” The vision aims to position the United States at the forefront of blockchain innovation and crypto finance on a global scale.
As the Senate considers the remaining bills, the industry and lawmakers alike remain attentive to how regulation will evolve in this rapidly changing arena. Meanwhile, Trump’s new law signifies an important chapter in shaping America’s role in the future of digital currency.
Reported by Al Jazeera Staff
Published on July 18, 2025