Washington, D.C. - President Donald Trump signed the "GENIUS Act" into law on Friday, establishing a comprehensive regulatory framework for digital currencies in what he called "a giant leap to secure American dominance in global finance and digital currency technology."

During the signing ceremony at the White House, Trump declared: "Today we take massive action to cement U.S. leadership in global finance and digital currency technology. This new law creates a clear, simple regulatory framework to unleash the tremendous potential of dollar-backed stablecoins."

The President made three key announcements:

1. Federal Reserve Digital Currency Ban: "We will never allow the creation of a Federal Reserve central bank digital currency. That will never happen."

2. Fintech Revolution: Called the legislation "the greatest financial technology revolution since the birth of the internet."

3. Industry Recognition: Addressed crypto workers directly: "You've been marginalized for years, but this signature recognizes your hard work and entrepreneurial spirit."

Legislative Background

• Passed the House 308-122 on Thursday

• Approved by the Senate 60-30 in mid-June

• Officially titled the "Guaranteeing Economic Neutrality and Innovation in the United States (GENIUS) Act"