By signing the GENIUS Act into law from the White House Friday afternoon, President Donald Trump freed the private digital currency and crypto industry from years of unAmerican targeting by the Biden administration.
.@POTUS: "The GENIUS Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins. This could be perhaps the greatest revolution in financial technology since the birth of the internet itself." pic.twitter.com/Gnfaq4yI3b
— Rapid Response 47 (@RapidResponse47) July 18, 2025
Most importantly, Trump vowed to never allow for the establishment of a digital central bank or currency run by the federal government.
.@POTUS: "I also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won't happen." pic.twitter.com/kFMVlf4CSG
— Rapid Response 47 (@RapidResponse47) July 18, 2025
Under former U.S. Securities and Exchange Commission Chairman Gary Gensler's reign of terror, digital asset companies like Coinbase and other exchange platforms were nearly run out of business. In January, Coinbase scored a legal win against Gensler and his abuse of broadly defining "securities."
"The leading U.S. crypto exchange Coinbase won its latest legal battle against the Securities and Exchange Commission, as U.S District Judge Katherine Failla ruled the company can take a closely watched case—which turns on which cryptocurrencies are securities—directly to the U.S. Court of Appeals for the Second Circuit," Forbes reported in January 2025. "The ruling does not necessarily mean Coinbase will prevail on the core securities question, but it does accelerate the timeline by which the company can expect a definitive ruling. As laid out in Failla’s 23-page ruling, the move reflects the disagreement among judges about how to enforce existing securities laws for the crypto sector, with the hope that the matter can be settled as it moves up the judicial food chain, though the appeals court still has to agree to hear the case."
Recommended
Lawmakers who sponsored the GENIUS Act are applauding its passage and codification into law.
America is back in the game.
— Senator Cynthia Lummis (@SenLummis) July 18, 2025
Thank you to @SenatorTimScott, @LeaderJohnThune, @SenatorHagerty, @RepFrenchHill, & @RepBryanSteil for their visionary leadership on digital assets. GENIUS is only the beginning. pic.twitter.com/RqzZfXvlCp
.@POTUS just signed my bill—the GENIUS Act—into law.
— Senator Bill Hagerty (@SenatorHagerty) July 18, 2025
Proud to be there for this historic moment. This is the first crypto legislation ever signed into law in the United States.
A major win for American innovation, leadership, and the future. 🇺🇸 pic.twitter.com/4lHF7p1MLg
Editor’s Note: Help us continue to report about the future of the economy. Join Townhall VIP and use promo code FIGHT to get 60% off your membership.
Join the conversation as a VIP Member