Donald Trump signs landmark GENIUS Act, jokes ‘They named it after...’

US President Donald Trump on Friday (local time) signed into Law S. 1582 GENIUS Act. The Act aims to regulate payment stablecoins.

The White House in an official statement said, "On Friday, July 18, 2025, the President signed into law: S. 1582, the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" or "GENIUS Act," which provides for the regulation of payment stablecoins, and for other purposes."

Addressing the audience while signing the Act, Trump jested, "The GENIUS Act -- they named it after me. This is hell of an act!"

The GENIUS Act is a historic piece of legislation that aims to pave the way for the United States to lead the global digital currency revolution.

Trump recognised the many industry leaders present for the signing of the GENIUS Act.

"This afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law," Trump said.

Addressing the crypto community, he said, "For years, you were mocked and dismissed and counted out... this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up... Congratulations on this incredible achievement!"

Trump said that the act ensured that the US would be the Crypto Capital of the world.

"I pledged that we would bring back American liberty and leadership and make the United States the Crypto Capital of the world -- and that's exactly what we've done. The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself," he said.

"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 added.

Scott Bessent, US Secretary of the Treasury, lauded Trump's decision, which will help cement the US dollar as the global reserve currency.

"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 Senator Bill Hagerty's important work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come," Bessent said in a post on X. 

(This story has not been edited by DNA staff and is published from ANI)