Trump signed into law the GENIUS Act on Friday – a landmark piece of legislation that establishes federal regulations surrounding digital currency.

President Donald Trump on Friday signed the GENIUS Act into law, in a major milestone for the crypto industry and the president’s stated goal of reshaping American crypto policy.

Trump joked that Congress named the stablecoin legislation, which creates the first federal framework for dollar-pegged stablecoins, after him.

President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law amid much fanfare on July 18. Passed by the Senate on June 17 and the House on July 17, it is the first major crypto-related legislation to become a law in the U.S.

Two of the legislations — the GENIUS Act and the CLARITY Act — were passed with significant bipartisan support.

If passed, the Crypto Week legislation could lead to new ways to use the currencies, corporate adoption, and institutional investment.

President Donald Trump signed the GENIUS Act, which regulates dollar-based digital tokens called stablecoins and the first major law governing digital currency.

GENIUS Act, Anti-CBDC Act, and CLARITY Act pass procedural vote 215-211 in Congress after Trump's Oval Office intervention.

After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate