The White House features leaders in the crypto industry that the government has investigated as critics highlight Trump’s personal business interests.
WASHINGTON, D.C. — US President Donald Trump has signed the law by advocates saying that advocates represent a fork in the industry.
Speaking from the White House on Friday, the US President welcomed the Genius Law. This establishes regulation and consumer protection for Stablecoin, a kind of cryptocurrency that has value in relation to fixed currencies or commodities.
The signature capped what Trump called “Crypto Week.” This is because a total of three cryptocurrency bills have passed through the US Congress.
In the end, only laws related to stubcoin landed on Trump’s desk
Two other bills — one that defines the regulatory classification of government-issued digital and cryptocurrency products, sent by the U.S. House of Representatives to the Senate on Thursday.
Still, Trump welcomed Friday’s bill signing ceremony as “a huge step towards solidifying America’s domination of global finance and cryptographic technology.”
Industry advocates say bills like the Genius Act will help make cryptocurrency more mainstream in the United States. They say the lack of clarity in regulations is preventing the wider public adoption of digital currencies.
However, critics have expressed concern about the Trump family’s close ties with the crypto industry, including its own Stablecoin, stakes in World Liberty Financial, the company that launched USD1.
They highlight the fact that the recent gusts of Republican-led laws have not addressed whether the president is interested in cryptocurrency and can leave an opening for corruption.
Democrats also criticised the Genius Act for creating inadequate regulatory frameworks that could pose long-term financial risks and open the door for major companies to issue their private cryptocurrencies.
Still, speaking Friday, Trump pledged to continue his embrace of the crypto industry, including promoting his pitch to create a national “cryptosale.”
Trump also framed his administration as a fierce pivot away from former President Joe Biden’s policies, which took a more aggressive approach to investigating cryptocurrency-related crimes.
Since taking office in January for his second term, Trump has finished several Biden-era cryptocurrency investigations and has stopped the Justice Bureau’s enforcement team.
Several of the cryptocurrency leaders previously investigated by the US government were in the White House audience.
“You’ve come a long way from the Biden administration. They didn’t know what you were talking about, and half of you were arrested for no reason,” Trump told them at the signing ceremony.
He addressed certain industry leaders by name, including Brian Armstrong, Chris Pavlovsky, twins Tyler and Cameron Winclevos.
“Let me say the whole crypto community. For years, you’ve been ocked, rejected and counted,” Trump said.
“You were counting a year and a half ago, and this signature is a massive verification.”
