Trump signs GENIUS Act into law, creating federal stablecoin framework

President Trump signed the GENIUS Act into law on July 18, 2025, making it the first federal regulatory framework for dollar-pegged payment stablecoins in U.S. history. OCC Acting Comptroller Rodney Hood called it "transformative." SEC Chair Paul Atkins called it "a major milestone" for making America the crypto capital of the world. Fed Chair Jerome Powell committed the Fed to work with Congress to develop a robust supervisory framework. Banking groups immediately renewed calls to close the affiliated-yield loophole.