MARK IT: Donald Trump Signs GENIUS Act Into Law Taking The First Step Toward Ending The Dollar And Establishing Cryptocurrency As The New Standard

Before a crowd of crypto executives in the East Room of the White House, a jubilant Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law

President Donald Trump signed the GENIUS Act into law yesterday, creating the first-ever framework for the United States to begin dealing in cryptocurrency on the Federal level. His actions were greeted with thunderous applause by the crypto titans assembled in the East Room of the White House. It’s funny, though, when Joe Biden signed an Executive Order back in 2022 to simply look into the creation of a digital dollar, everyone screamed “Mark of the Beast!!” Is anyone saying that now about Trump? We are, even if you won’t, and that’s the memo.

“And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” Revelation 13:16,17 (KJB)

Something else that wasn’t talked about yesterday when Trump signed the Genius Act was how much he personally has profited from crypto since becoming president the second time. According to Forbes, Trump has made over $1,000,000,000.00 in crypto and that number continues to grow. It’s bad when Biden did it, but it’s good when Trump does it, that seems to be the new end times logic going around. But to me, that type of thinking is more in line with the coming ‘strong delusion’ that anything else. Remember Habakkuk who says that you will see it, but not believe it, that’s where we are here on Day 1,951 of 15 Days To Flatten The Curve.

Trump Signs GENIUS Act Into Law, Elevating First Major Crypto Effort to Become Policy

FROM COINDESK: President Donald Trump fulfilled part of his vow to establish U.S. crypto regulations on Friday, signing legislation into law that formally established rules for stablecoin issuers — marking a first step that the digital assets industry hopes will end with the more important regulatory regime governing the wider crypto markets.

Before a crowd of crypto executives in the East Room of the White House, a jubilant Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which registered a massive 308-122 bipartisan vote in the House of Representatives on Thursday and an earlier 68-30 vote in the Senate — demonstrating a huge margin of support from Democrats. Trump walked into a packed East Room filled with applauding lawmakers and industry leaders, including Coinbase’s Brian Armstrong, Tether’s Paolo Ardoino, Circle’s Jeremy Allaire, Gemini’s Cameron and Tyler Winklevoss, Kraken’s Dave Ripley, Chainlink’s Sergey Nazarov and others.

“So congratulations, you’ve come a long way since the Biden administration, when they had no idea what you were all talking about, and half of you are under arrest,” he joked at the outset.

Trump called out various members of Congress by name, alongside members of his Cabinet, saying they were instrumental in moving the legislation, as well as various industry leaders attending the ceremony.

“Let me say, the entire crypto community, for years, you were mocked and dismissed and counted out,” he said. “You were counted out as little as a year and a half ago, but this signing is a massive validation.”

The GENIUS Act will now be forwarded to the federal financial and banking agencies that must implement its various provisions. That will include formalizing the definitions for what kind of firms make acceptable issuers of stablecoins, which is a field currently dominated by Tether’s USDT and Circle’s USDC, though Wall Street institutions have been jumping into the space at a rapid pace. Implementation of a law by federal regulators can be a drawn-out process, but GENIUS at least gives the industry a broad roadmap for how its U.S. interactions will look in the future. So pressure now shifts from lobbying to execution for stablecoin companies.

“The act sets a necessarily compliance baseline, but whether stablecoins can deliver their promise will depend on how effectively stablecoin issuers disclose reserves, implement operational safeguards, maintain robust governance practices and ensure structural alignment between issuers interests and consumer protection,” noted Rajeev Bamra, an associate managing director for digital economy at Moody’s Ratings, in a statement. “With broader adoption comes greater systemic responsibility of market participants.”

The industry has come a long way in Washington since its tumultuous 2022 in which several major businesses failed spectacularly, and crypto-supporting lawmakers were burned by the fall of global exchange FTX and its former CEO, Sam Bankman-Fried, who was a fixture in congressional meetings and the industry’s D.C. events. But aggressive lobbying and a major campaign-finance push from the industry’s Fairshake political action committee during last year’s congressional elections elevated the sector into the good graces of the White House and Congress.

Trump has declared himself the crypto president, and his administration has routinely called for a “golden age” for the industry to begin. Now that GENIUS is law, the focus shifts toward the bigger task of passing legislation that defines the proper oversight of different forms of cryptocurrency, trading platforms and projects and assigns federal agencies to new roles as watchdogs over these markets.

White House Crypto and AI Czar David Sacks took the podium briefly to praise Trump and the legislation, saying that while he’s used to the tech world moving quickly, the speed at which GENIUS became law “this was fast for us in Silicon Valley.”

“This GENIUS Act will unlock American dominance in the crypto industry by creating clear rules of the road,” he said. “It will update archaic payment rails with a revolutionary new payment system, and it will extend U.S. dollar dominance, like [Trump] said, globally by creating a digital dollar that people all over the world can use. And for every digital dollar in a crypto wallet, there’ll be a traditional dollar in a U.S. bank account, which will create trillions of dollars demand for U.S Treasuries.” READ MORE

How Does Genius Act Signing Impact Stablecoin Market?

Michael Faulkender, US Treasury Deputy Secretary, discusses President Trump signing the Genius Act into law and how big he thinks the stablecoin market will grow & how that will translate to treasury demand. Faulkender also talks about whether or not the stablecoin will create a financial stability risk and the difference between cutting interest rates in July or waiting to cut in September. Michael Faulkender speaks with Kailey Leinz and Tyler Kendall on the late edition of Bloomberg’s “Balance of Power.”

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