‘They named it after me’: Trump signs GENIUS Act, declares US the ‘crypto capital of the world’

The statement was met with applause from pro-crypto factions who view CBDCs as tools of excessive government control.

U.S. President Donald Trump on Friday (local time) signed into law the GENIUS Act, a landmark bill focused on regulating payment stablecoins and advancing the country’s position in the global crypto economy.

The law, formally titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act — is seen as a foundational step in shaping a clear regulatory framework for dollar-backed digital assets.

“On Friday, July 18, 2025, the President signed into law S.1582, the GENIUS Act, which provides for the regulation of payment stablecoins, and for other purposes,” the White House said in an official statement.

Flanked by crypto industry leaders, Trump used the signing ceremony as a platform to pitch America’s return to financial and technological leadership.

“The GENIUS Act — they named it after me. This is a hell of an act!” Trump joked, adding that the law represented a “giant step” toward making the U.S. the global hub of crypto innovation.

In a rousing address to the crypto community, Trump said: “For years, you were mocked and dismissed… this signing is a massive validation of your hard work and pioneering spirit. Congratulations on this incredible achievement.”

While the GENIUS Act sets the stage for regulated growth of payment stablecoins, Trump took the opportunity to double down on his opposition to Central Bank Digital Currencies (CBDCs).

“I also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won't happen,” he said.

The statement was met with applause from pro-crypto factions who view CBDCs as tools of excessive government control.

US Treasury Secretary Scott Bessent echoed Trump’s enthusiasm, calling the GENIUS Act a strategic milestone that will help the U.S. dollar retain its global dominance.

“Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain,” Bessent posted on X.

“Thanks to President Trump’s visionary leadership, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.”

Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. 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…

— Treasury Secretary Scott Bessent (@SecScottBessent) July 18, 2025

The GENIUS Act introduces a federal framework for regulating payment stablecoins, digital tokens tied to the U.S. dollar that aim to offer low volatility, fast settlements, and high liquidity.

Defines who can issue payment stablecoins

Outlines consumer protection measures

Clarifies federal oversight roles between the SEC and CFTC

Encourages innovation while maintaining dollar supremacy

It is the first of three crypto-related bills introduced during the ongoing U.S. Crypto Week. The other two, the Clarity Act and the Anti-CBDC Surveillance State Act, are still pending in the Senate.