Trump Signs GENIUS Act, Reverses Crypto Crackdowns

President Donald Trump signed the GENIUS Act into law, establishing the first comprehensive federal regulation of stablecoins in the United States. The bipartisan legislation creates strict standards for stablecoin issuers, requiring 1:1 reserve backing, public monthly disclosures, annual audits for large issuers, and bans on interest-bearing products, aiming to protect consumers and reinforce the U.S. dollar’s digital dominance. Industry leaders hail the law as a turning point for legal clarity and innovation, while critics like Senator Elizabeth Warren argue the measures may not sufficiently curb corporate or political risks. The law's enactment followed heightened industry lobbying and Trump's reversal of several Biden-era crypto crackdowns. With the GENIUS Act in effect, U.S. stablecoin projects—such as Ripple’s RLUSD—are expected to gain momentum, potentially accelerating adoption in payments and decentralized finance. The move positions the U.S. as a global leader in digital asset regulation.