Trump to sign landmark crypto bill, the GENIUS Act, at White House ceremony

President Trump is set to sign a groundbreaking bill to regulate cryptocurrency on Friday, following the passage of the bill in the House despite some opposition from conservatives. The legislation, known as the GENIUS Act, marks the first significant law governing digital currency and establishes a regulatory framework for the $250 billion stablecoin market. Stablecoins are considered a relatively safe form of cryptocurrency as their value is tied to other assets such as the dollar. The bill received support from 206 Republicans and 102 Democrats in the House.

Earlier in the week, the fate of the GENIUS Act was uncertain when a group of conservatives blocked a procedural vote. However, a compromise was reached, and the legislation was able to move forward. In addition to the GENIUS Act, two other cryptocurrency bills were approved by lawmakers during what they dubbed “Crypto Week” in Congress. The Clarity Act focuses on regulating digital commodities beyond stablecoins, while the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing any retail central bank digital currency directly to Americans.

President Trump is scheduled to sign the GENIUS Act in a ceremony at the White House at 2:30 p.m. ET. The signing comes amidst increased attention on the Epstein case, with Mr. Trump ordering Attorney General Pam Bondi to seek the release of grand jury material related to convicted sex offender Jeffrey Epstein. The president has faced mounting pressure to disclose more information about the case following the Justice Department’s decision not to release further documents after a review of the evidence.

In a late-night vote, the House also approved a request from the president to rescind approximately $9 billion in funding for foreign aid and public broadcasting. The bill, which passed along party lines with two Republicans voting against it, claws back $8 billion for foreign assistance efforts and $1 billion for public radio and television stations. President Trump expressed his satisfaction with the funding cuts on social media, emphasizing the importance of reducing funding to the corporation overseeing federal funds for NPR and PBS.

As the signing of the GENIUS Act approaches, the focus remains on the Epstein case and the efforts to unseal grand jury material. Attorney General Pam Bondi has indicated that the Justice Department is prepared to move the court to unseal the grand jury transcripts, pending court approval. The process of making the material public may take weeks or months, with a judge having the final say on the matter.

The signing ceremony for the GENIUS Act will be a significant milestone in the regulation of cryptocurrency and a key moment in the ongoing discussions surrounding digital currency in the United States. The legislative actions taken during “Crypto Week” underscore the growing importance of addressing regulatory issues and establishing a framework for the evolving cryptocurrency market.