President Donald Trump signed the Genius Act into law on Friday, establishing the first major federal regulatory framework for cryptocurrency, specifically focusing on stablecoins. The signing ceremony took place in the White House East Room, where Trump was joined by Republican lawmakers and top crypto industry executives. The Genius Act — short for Guiding and Establishing National Innovation for U.S. Stablecoins — fulfills a key campaign promise to legitimize and support the growing digital asset sector.

Stablecoins are cryptocurrencies backed by stable assets like the U.S. dollar or gold, making them less volatile than traditional digital currencies. Trump praised the law as “a revolution in financial technology,” comparing its impact to the birth of the Internet. The act passed with strong bipartisan support, with the House approving it in a 308-122 vote. It aims to simplify compliance, encourage innovation, and help bring crypto fully into the U.S. financial mainstream.

Trump criticized the Biden administration’s regulatory approach, accusing it of trying to stifle crypto innovation. He highlighted the previous administration’s lawsuits against crypto firms and celebrated the firing of former SEC Chair Gary Gensler, claiming the crypto community had been under “relentless assault.” He also reminded attendees that he was the first presidential candidate to speak at the Bitcoin Conference.

Industry leaders praised the law and the administration’s rapid collaboration with Congress. Robinhood CEO Vlad Tenev and executives from Kraken, Coinbase, Tether, Circle, and Gemini voiced optimism about the U.S. emerging as a global crypto leader.

Earlier in the week, Trump also announced a $92 billion initiative for AI and energy investments, further signaling his administration’s tech-forward agenda.