Trump Signs GENIUS Act: Crypto Regulation is Here
GENIUS Act Becomes Law: A New Era for Stablecoins
President Donald Trump has officially signed the GENIUS Act into law, following a 306–122 House vote. This landmark bill introduces the first-ever US federal crypto law, setting stringent standards for stablecoin issuers.
Key Provisions of the GENIUS Act
- Full 1:1 Reserves: Stablecoins must be fully backed by reserves.
- Regular Audits: Issuers will be subject to regular audits to ensure compliance.
- Federal/State Registration: Stablecoin companies must register with either federal or state regulators.
Trump, in a light-hearted moment, quipped to reporters, "It’s called the GENIUS Act. I think it’s named after me.”
Behind the Scenes: Sacks and Trump's Intervention
Crypto Czar David Sacks highlighted Trump’s pivotal role in pushing the bill through. According to Sacks, the bill was revived due to Trump's intervention, calling him a "secret weapon".
Controversy and Concerns
Despite bipartisan support, some Republicans remain skeptical. Representative Marjorie Taylor Greene voiced concerns that the GENIUS Act could be a backdoor for a central bank digital currency (CBDC).
Greene tweeted, warning about the potential for a cashless society and criticizing the lack of a Senate-backed CBDC ban.
What GENIUS Act Supporters Say
Supporters argue that the GENIUS Act explicitly bans algorithmic stablecoins and mandates full dollar reserves, which creates a safe framework for regulated digital dollars, distinct from government-controlled CBDCs.
Implementation Timeline
With the GENIUS Act now law, US regulators have until 2026 to develop and implement rules for stablecoin licensing and enforcement.
As the regulatory landscape evolves, Codeum remains dedicated to providing blockchain security and development services. We offer:
- Smart contract audits
- KYC verification
- Custom smart contract and DApp development
- Tokenomics and security consultation
Stay informed and secure with Codeum as the GENIUS Act reshapes the crypto world.