President Donald Trump signed a significant piece of cryptocurrency legislation into law on Friday, marking a pivotal moment in the digital asset industry’s regulatory journey.
In a ceremony held at the White House, Trump signed the GENIUS Act into law, marking the week's culmination of crypto-focused policymaking.
Crypto advocates believe the measure will encourage broader acceptance of digital assets in the U.S. by offering long-awaited clarity around regulation, Al Jazeera reports.
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The industry has long argued that vague laws have discouraged mainstream participation and innovation.
However, critics are raising red flags.
Some point to the Trump family's business connections to World Liberty Financial, a firm that launched its own stablecoin dubbed USD1, the report adds.
They argue that current legislation fails to establish clear ethical boundaries for presidents holding financial stakes in crypto ventures.
The new legislation introduces a regulatory framework and consumer safeguards for stablecoins, a class of digital currencies tied to fiat money or commodities, the report adds.
Trump, celebrating what he called "crypto week," highlighted the bill signing as a milestone intended to reinforce America's position in the global financial system and crypto leadership.
While two other bills — one banning government-issued digital currencies and another redefining how crypto assets are regulated — are still awaiting a Senate vote, the stablecoin bill has officially become law.
Democrats have warned that the GENIUS Act's provisions could leave room for corporate dominance in digital currency issuance while offering insufficient consumer protection.
Some have called for stronger guardrails to prevent market manipulation and systemic risks.
Since returning to office in January, Trump has reversed multiple crypto-related investigations started under then-President Joe Biden.
That included dismantling a Department of Justice task force aimed at probing crypto fraud.
Several industry leaders once under federal scrutiny were present at the White House event, including Brian Armstrong, Chris Pavlovski, and Cameron and Tyler Winklevoss.
"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 told the crowd.
He also reiterated his vision of establishing a national crypto reserve and praised the industry's resilience. "You were counted out as little as a year and a half ago, but this signing is a massive validation," he said.
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