Trump signs landmark GENIUS Act, hailing "exciting new frontier" for crypto

President Trump signed a landmark bill to regulate cryptocurrency on Friday, hailing the "exciting new frontier" for the technology one day after the bill passed the House.

The legislation, called the GENIUS Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market. Stablecoins are viewed as a relatively safe type of cryptocurrency, since their value is pegged to other assets, like the dollar. The bill passed the House on Thursday with the support of 206 Republicans and 102 Democrats.

Link to watch the full press conference for the GENIUS ACT signing is below.

"We worked hard. It's a very important act, the GENIUS Act. They named it after me," the president joked in the East Room of the White House. "I want to thank you. This is a hell of an act." 

Members of Congress and top executives from Robinhood, Tether, Gemini and other crypto and financial firms were in attendance for the signing ceremony.

The fate of the GENIUS Act was in question earlier this week when a dozen conservatives stymied a procedural vote. A compromise was ultimately reached, and the holdouts allowed the legislation to proceed. The president on Friday suggested that he spoke to the holdouts individually on the phone to persuade them, after House Speaker Mike Johnson told him there were a dozen Republicans opposing the bill.

"The good news is, I call up, 'Hello, Jim, how are you?' 'Sir, you have my vote.' Boom. 'Sir, you have my vote.' I really just, they just want a little love," he said. "Unfortunately, it's always the same 12 people." 

President Trump speaks at an event for the signing of the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, in the East Room of the White House on Friday, July 18, 2025. Alex Brandon / AP

David Sacks, the venture capitalist-turned Mr. Trump's AI and crypto czar, said the president "stepped in and saved this bill." Mr. Trump also said Vice President JD Vance has been on the phone late at night, helping push the legislation through. 

Lawmakers also approved two other cryptocurrency bills, capping what Republicans dubbed "Crypto Week" in Congress. The Clarity Act will regulate digital commodities beyond stablecoins, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing any retail central bank digital currency directly to Americans. The legislation is seen by the Trump administration and the crypto community as a way of bringing digital currency into the mainstream financial system.

"Let me say, the entire crypto community, for years, you were mocked and dismissed and counted out," the president said. "You were counted out as little as a year and a half ago. But this signing is a massive validation."

The Trump family's crypto investments have increased their wealth in recent months as the administration alters its regulatory approach to digital currency. The White House has insisted there is no conflict of interest, and the president's assets are in a trust managed by his children. Key crypto figures who were present Friday, including Cameron and Tyler Winklevoss, backed Mr. Trump's campaign last year. 

The president on Friday also touted his decision to pardon Ross Ulbricht, the founder of the internet marketplace Silk Road who was sentenced to life in prison in 2015.

The GENIUS Act wasn't the only bill that had House Republicans wringing their hands this week. The chamber also approved a request from the president to claw back about $9 billion in funding for foreign aid and public broadcasting in a late-night vote, signing off on changes the Senate made to the bill, known as a rescissions package, earlier this week. 

Passage of the funding cuts was held up this week over Democratic efforts to force the release of files related to convicted sex offender Jeffrey Epstein. Ultimately, the package passed the House along party lines, with two Republicans joining Democrats to vote against it. The bill claws back about $8 billion for foreign assistance efforts, including by the the U.S. Agency for International Development, and about $1 billion for public radio and television stations. The president is expected to sign it soon.

"REPUBLICANS HAVE TRIED DOING THIS FOR 40 YEARS, AND FAILED….BUT NO MORE," Mr. Trump wrote on Truth Social, referring to cutting funding to the corporation that oversees federal funds for NPR and PBS. "THIS IS BIG!!!"

Friday's signing ceremony for the GENIUS Act took place against the backdrop of increased focus on the Epstein case. On Thursday evening, Mr. Trump ordered Attorney General Pam Bondi to seek the release of grand jury material related to Epstein, a convicted sex offender who died in federal custody in 2019. Mr. Trump has faced increasing pressure to disclose more information about the case after the Justice Department said no further documents would be released following a review of the evidence. 

"Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval," the president wrote on Truth Social. "This SCAM, perpetuated by the Democrats, should end, right now!"

Bondi said the Justice Department is "ready to move the court tomorrow to unseal the grand jury transcripts." A judge will make the final call on whether the material can be made public, and the process could take weeks or months.

Mary Cunningham and Caitlin Yilek contributed to this report.

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President Trump is set to sign a landmark bill to regulate cryptocurrency on Friday, one day after the bill passed the House despite some opposition from conservatives. 

The legislation, called the GENIUS Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market. Stablecoins are viewed as a relatively safe type of cryptocurrency, since their value is pegged to other assets, like the dollar. The bill passed the House on Thursday with the support of 206 Republicans and 102 Democrats. 

The fate of the GENIUS Act was in question earlier this week when a dozen conservatives stymied a procedural vote. A compromise was ultimately reached, and the holdouts allowed the legislation to proceed. 

Lawmakers also approved two other cryptocurrency bills, capping what they dubbed "Crypto Week" in Congress. The Clarity Act would regulate digital commodities beyond stablecoins, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing any retail central bank digital currency directly to Americans. 

Mr. Trump is scheduled to sign the GENIUS Act in a ceremony at the White House at 2:30 p.m. ET.

The GENIUS Act wasn't the only bill that had House Republicans wringing their hands this week. The chamber also approved a request from the president to claw back about $9 billion in funding for foreign aid and public broadcasting in a late-night vote, signing off on changes the Senate made to the bill, known as a rescissions package, earlier this week. 

Passage of the funding cuts was held up this week over Democratic efforts to force the release of files related to convicted sex offender Jeffrey Epstein. Ultimately, the package passed the House along party lines, with two Republicans joining Democrats to vote against it. The bill claws back about $8 billion for foreign assistance efforts, including by the the U.S. Agency for International Development, and about $1 billion for public radio and television stations. The president is expected to sign it soon.

"REPUBLICANS HAVE TRIED DOING THIS FOR 40 YEARS, AND FAILED….BUT NO MORE," Mr. Trump wrote on Truth Social, referring to cutting funding to the corporation that oversees federal funds for NPR and PBS. "THIS IS BIG!!!"

Friday's signing ceremony for the GENIUS Act takes place against the backdrop of increased focus on the Epstein case. On Thursday evening, Mr. Trump ordered Attorney General Pam Bondi to seek the release of grand jury material related to Epstein, a convicted sex offender who died in federal custody in 2019. Mr. Trump has faced increasing pressure to disclose more information about the case after the Justice Department said no further documents would be released following a review of the evidence. 

"Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval," the president wrote on Truth Social. "This SCAM, perpetuated by the Democrats, should end, right now!"

Bondi said the Justice Department is "ready to move the court tomorrow to unseal the grand jury transcripts." A judge will make the final call on whether the material can be made public, and the process could take weeks or months.

Mary Cunningham and Caitlin Yilek contributed to this report.

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The House on Thursday passed a landmark piece of legislation to regulate cryptocurrency after its fate appeared in limbo when right-wing Republicans staged a rebellion that brought the floor to a standstill. 

The bill, known as the GENIUS Act, is the first major crypto legislation ever passed by Congress. It now heads to President Trump's desk. 

It passed in a bipartisan vote of 308 to 122, with 206 Republicans and 102 Democrats supporting it. 

On Tuesday, a dozen conservatives sank a procedural vote to advance three crypto bills, including the GENIUS Act, which establishes a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar. 

House Speaker Mike Johnson, a Louisiana Republican, abruptly canceled the remaining floor votes and the holdouts went to the White House to meet Mr. Trump, who later announced that they "have all agreed" to fall in line. 

But drama unfolded during Wednesday's procedural vote when a few holdouts initially voted against moving forward before dropping their opposition, which was short-lived. The next procedural vote to set up debate on the spate of bills was held open for nearly 10 hours as the holdouts sought to merge a broader market structure bill with legislation to ban a central bank digital currency. 

Republican Rep. Andy Harris of Maryland, who leads the conservative House Freedom Caucus, said holdouts had made a deal with Mr. Trump to package the two digital asset measures.

The plan ran into opposition from those who wrote the legislation and upended what House Republicans had termed "crypto week." 

House Republicans had originally wanted the GENIUS Act to be married with the CLARITY Act, a broader bill that would set rules for when a digital asset is considered a commodity or security. Combining the crypto bills would have sent the legislation back to the Senate and slowed the process. Mr. Trump had pressed Congress to quickly pass the GENIUS Act as a standalone bill, saying it would make the U.S. a leader in digital assets. 

This week, conservatives pushed to tie the CLARITY Act with the controversial Anti-Central Bank Digital Currency Surveillance State Act, which would prohibit the Federal Reserve from issuing a central bank digital currency. Conservatives said the Senate's stablecoin bill and the broader market structure legislation were insufficient because it would allow for a central bank digital currency, which they opposed. 

"We feel like we need to be dealing with all this at once," said Republican Rep. Chip Roy of Texas, who helped stall the bill. 

A deal was ultimately made late Wednesday to tie the ban on a central bank digital currency with the must-pass annual defense reauthorization bill, and holdouts again flipped their votes to allow the legislative process to move on. 

The Senate approved the bipartisan stablecoin bill last month after experiencing hiccups caused by a Democratic revolt over concerns about the Trump family's business ventures involving crypto and the potential that they could make the president vulnerable to foreign influence. 

The Trump family's crypto investments have increased their wealth by billions of dollars in recent months as the administration continues to loosen the federal government's regulatory approach to the digital currency industry as a whole. The White House has denied that there are any conflicts of interest and said Mr. Trump's assets are in a trust managed by his children. 

Democratic critics were also worried that the legislation did not contain strong enough provisions to protect consumers, the financial system and national security. 

It's faced similar criticism from House Democrats. 

"By passing this bill, Congress will be telling the world that Congress is OK with corruption, OK with foreign companies buying influence," Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, said Thursday. 

Democrats who back the legislation have argued that regulations are long overdue, even if the measure is imperfect. 

"The question is, do you want some rules of the road or no rules of the road?" Democratic Rep. Josh Gottheimer of New Jersey said during floor debate. 

The broader market structure bill also passed with bipartisan support and now heads to the Senate. The legislation banning a central bank digital currency was approved largely along party lines.