By Emeka Blast 
Crypto Markets Buzz as Trump Approves GENIUS Stablecoin Legislation
The United States has ushered in a new era for digital currencies during what Republican lawmakers have dubbed “Crypto Week,” culminating in President Donald Trump’s signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on July 18, 2025. The historic legislation, passed by the House with a bipartisan 308-122 vote and the Senate by 68-30, establishes the first federal regulatory framework for dollar-pegged stablecoins, marking a pivotal victory for the $260 billion crypto industry aiming for mainstream adoption.
The GENIUS Act, hailed by Trump as “the greatest revolution in financial technology since the internet,” sets strict rules for stablecoin issuers, requiring 100% backing with liquid assets like U.S. dollars or short-term Treasury bills and monthly public disclosures of reserve compositions. It prioritizes consumer protections, mandating that stablecoin holders’ claims take precedence in issuer insolvency and enforcing anti-money laundering rules to curb illicit activity. Treasury Secretary Scott Bessent stated the law will bolster the U.S. dollar’s global reserve status by driving demand for Treasuries, while fostering innovation in instant, low-cost digital payments.
The signing ceremony, attended by crypto executives from Coinbase, Tether, and Circle, was celebrated as a “massive validation” of the industry’s decade-long lobbying efforts, which saw over $245 million in campaign donations last year. House Financial Services Chair French Hill called it a “defining moment,” while Circle’s Dante Disparte predicted stablecoins could transform global commerce. However, critics, including Sen. Elizabeth Warren and Rep. Maxine Waters, slammed the bill for weak oversight and failing to address conflicts of interest, noting Trump’s family’s 60% stake in World Liberty Financial, which issued the USD1 stablecoin.
“Crypto Week” also saw the House pass two other bills: the Clarity Act, defining regulatory roles for the SEC and CFTC (294-134), and the Anti-Central Bank Digital Currency Act (219-210), banning Federal Reserve-issued digital currencies over privacy concerns. Both now await Senate approval. Bitcoin hit $119,000, and crypto stocks surged, though some gains tapered as markets digested the news.
Social media buzzed with excitement, with @CoinDesk calling the GENIUS Act’s signing “the start of a financial revolution” and @WhiteHouse touting Trump’s vision to make America the “crypto capital of the world.” Yet, detractors like @TransparencyUS warned of risks, citing potential loopholes for foreign issuers and insufficient protections against financial crimes.
