Trump shows off signature humor as he hails 'GENIUS Act' backing crypto sector: 'They named it after me’

WASHINGTON, DC: President Donald Trump on Friday, July 18, signed the "GENIUS Act," the first comprehensive federal law designed to regulate stablecoins and establish America’s role as a global leader in digital financial innovation.

“This afternoon, we take a giant step to cement American dominance in global finance and crypto technology, as we sign the landmark 'GENIUS Act' into law,” Trump announced from the East Room of the White House, surrounded by lawmakers and leading executives from crypto companies including Robinhood, Gemini, Tether, and others.

Donald Trump signs sweeping crypto legislation into law

The president quipped about the bill’s title, saying, “They named it after me,” drawing laughter from the audience. “We worked hard. It’s a very important act, the 'GENIUS Act'. And I want to thank you. This is a hell of an act.”

The "GENIUS Act" passed the House on Thursday with support from 206 Republicans and 102 Democrats after a tense week in which a group of conservative lawmakers nearly derailed the vote.

“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,” Trump further said, adding, “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,” Trump declared. “I pledged that we would bring back American liberty and leadership and make the United States the Crypto Capital of the world—and that’s exactly what we’ve done.”

The legislation marks a major turning point for the once-fringe industry, which has spent years pushing lawmakers for regulatory clarity. The sector poured millions into last year’s elections, supporting several candidates, including Trump himself.

What is the GENIUS Act?

The newly signed "GENIUS Act," which stands for Guiding and Establishing National Innovation for US Stablecoins, lays the foundation for regulating stablecoins in the US financial system.

The law introduces robust consumer protections, defines a specific legal framework for stablecoins, and sets clear criteria for which digital assets can carry the “stablecoin” label. With the act now in effect, banks, credit unions, and even nonbank entities are officially authorized to issue their own stablecoins.

Internet in splits as Donald Trump jokes 'GENIUS Act' was named after him

The internet wasted no time reacting, with supporters celebrating both the legislation and the moment of comedy.

One cheered, “How can you not love our genius president?” and another wrote, “Gotta love Trump! There’ll never be another like him. Ever!!!”

A person said, “I love this sense of humor. It’s really funny. I’m glad we have a press core who can actually appreciate it too,” while someone else added, “Self-deprecating humor, love him!!” 

Some couldn’t resist comparing him to late-night comedians, with one writing, “He never misses. Way funnier than that loser Colbert guy!”

"Booming and having a blast while at it," another tweet read. 

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