Washington — President Trump is signing a landmark bill to regulate cryptocurrency on Friday, one day after the bill passed the House despite some opposition from conservatives.
The legislation, called the GENIUS Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market. Stablecoins are viewed as a relatively safe type of cryptocurrency, since their value is pegged to other assets, like the dollar. The bill passed the House on Thursday with the support of 206 Republicans and 102 Democrats.
Members of Congress and top executives from Robinhood, Tether, Gemini, and other crypto firms are in attendance for the signing ceremony at the White House.
The fate of the GENIUS Act was in question earlier this week when a dozen conservatives stymied a procedural vote. A compromise was ultimately reached, and the holdouts allowed the legislation to proceed.
Lawmakers also approved two other cryptocurrency bills, capping what they dubbed “Crypto Week” in Congress. The Clarity Act would regulate digital commodities beyond stablecoins, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing any retail central bank digital currency directly to Americans.
The GENIUS Act wasn’t the only bill that had House Republicans wringing their hands this week. The chamber also approved a request from the president to claw back about $9 billion in funding for foreign aid and public broadcasting in a late-night vote, signing off on changes the Senate made to the bill, known as a rescissions package, earlier this week.
Passage of the funding cuts was held up this week over Democratic efforts to force the release of files related to convicted sex offender Jeffrey Epstein. Ultimately, the package passed the House along party lines, with two Republicans joining Democrats to vote against it. The bill claws back about $8 billion for foreign assistance efforts, including by the the U.S. Agency for International Development, and about $1 billion for public radio and television stations. The president is expected to sign it soon.
“REPUBLICANS HAVE TRIED DOING THIS FOR 40 YEARS, AND FAILED….BUT NO MORE,” Mr. Trump wrote on Truth Social, referring to cutting funding to the corporation that oversees federal funds for NPR and PBS. “THIS IS BIG!!!”
Friday’s signing ceremony for the GENIUS Act takes place against the backdrop of increased focus on the Epstein case. On Thursday evening, Mr. Trump ordered Attorney General Pam Bondi to seek the release of grand jury material related to Epstein, a convicted sex offender who died in federal custody in 2019. Mr. Trump has faced increasing pressure to disclose more information about the case after the Justice Department said no further documents would be released following a review of the evidence.
“Based on the ridiculous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi to produce any and all pertinent Grand Jury testimony, subject to Court approval,” the president wrote on Truth Social. “This SCAM, perpetuated by the Democrats, should end, right now!”
Bondi said the Justice Department is “ready to move the court tomorrow to unseal the grand jury transcripts.” A judge will make the final call on whether the material can be made public, and the process could take weeks or months.
Mary Cunningham and
contributed to this report.
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