Trump Signs “GENIUS” Bill, Vows to Make the U.S. the Global Crypto Capital

Kokcha News: In a significant move for the cryptocurrency industry, U.S. President Donald Trump signed the “Guiding and Establishing National Innovation for U.S. Stablecoins” (GENIUS) bill into law during a ceremony at the White House. The bill, which aims to regulate the stablecoin market and bolster U.S. leadership in global crypto technology, marks a major step forward for the financial sector.

During the signing event, Trump hailed the GENIUS bill as a “game-changer,” emphasizing that it would position the U.S. as the world’s crypto capital. He praised the crypto industry for its rapid growth, stating that it has contributed to the “incredible power” of the United States.

Key Points from Trump’s Speech:

• Crypto is “A Good Thing”: Trump argued that the crypto industry is beneficial for both the U.S. dollar and the country as a whole, which is why he has chosen to support it. He criticized the previous administration under Joe Biden for its “relentless assault” on the sector and claimed that he has ended the “lawless operation” against crypto and Bitcoin.
• Making the U.S. the Crypto Capital: Trump declared, “I promised to make the U.S. the crypto capital of the world, and we’ve done it.” He added that under his leadership, the industry would continue to advance.
• The “Biggest Revolution”: Trump described the GENIUS bill as potentially the “biggest revolution in financial technology since the birth of the internet.” The legislation establishes a clear and simple regulatory framework for dollar-backed stablecoins, modernizing payment and money transfer systems to align with 21st-century technology.
• Strengthening the Dollar: Trump emphasized that the GENIUS bill “truly strengthens the dollar and gives it great importance.” He warned that losing the dollar’s status as the world’s reserve currency would be akin to losing a world war, stating, “No one can be allowed to play games with us.”
• Criticism of the Previous Administration: Trump took a jab at his predecessor, calling him the “last foolish president,” and claimed that if asked about the dollar’s decline, he would have had no idea. Trump vowed, “We cannot let this happen again.”

The GENIUS bill comes at a time when the U.S. is facing increasing competition from other global powers, including the BRICS nations (Brazil, Russia, India, China, and South Africa), which have been exploring alternatives to the dollar-dominated financial system. By regulating stablecoins and promoting innovation in the crypto sector, the U.S. aims to maintain its economic dominance and secure the dollar’s position as the world’s primary reserve currency.