GENIUS Act signed: Circle & Tether state their positions, anticipating a new phase in crypto assets’ history in the U.S. While only the GENIUS Act has been passed so far – becoming the first U.S. federal law to regulate stablecoins – the other bills from Crypto Week are also advancing, and this may not be the last groundbreaking development.
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The Largest U.S. Stablecoin Issuers and Custodians Are Anticipating What Comes After the GENIUS Act
A historic day has come — the GENIUS Act was signed by President Donald Trump, and the industry immediately responded.
The largest issuer of the most popular stablecoin, Tether, and its CEO, Paolo Ardoino, were present at the signing. He emphasized not only the bright industrial future but also the strategic and national significance of the event.
“Tether has already brought over 160 billion USDT to over 500 million users worldwide. Now that President Trump has led the United States to embrace digital assets, we believe we can increase tenfold and cement the dollar’s global dominance.”
“We will launch a product that will operate under this regulated environment, with full transparency and auditability.”
Also, the second most important stablecoin issuer, Circle, did not stay silent. Circle CEO Jeremy Allaire gave a full interview to CNN, in which he comprehensively commented on the importance of the signing:
“Stablecoins are not a fringe innovation. They are the foundation for how dollars move on the internet. If the US wants to maintain the dollar as the currency of the internet, it must lead in this technology.”
“This affirms our model and signals the US is serious. Thanks to the leadership of @PatrickMcHenry and engagement from @FinancialCmte, this is a green light for the future of the dollar on the internet.”
It is also worth keeping in mind one very important point: despite its smaller size, Circle may actually be in an even stronger regulatory position than Tether. Just look at the facts – this is a stablecoin already legalized in the EU, and now automatically legalized in the U.S. as well. In other words, Circle is now fully compliant with the regulators of the two most significant economies in the world, while also bringing additional solutions for worldwide payment infrastructure.
The largest custodians also spoke out – and yes, we’re talking about Coinbase. CEO of Coinbase Brian Armstrong called the signing of the GENIUS Act the beginning of a new era:
“President Trump just signed the first federal crypto bill into law, ushering in a new era for crypto, one that starts today for stablecoins. Surreal moment to be at the White House today for the signing of the first federal crypto legislation into law.”
In the same post, he emphasized that Coinbase would continue its lobbying efforts for the next stage of regulation.
Armstrong added:
“This is only the beginning. We need to get the second part of the crypto legislation passed next – market structure – and the deadline is Sep 30.”
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Crypto Regulation Is Now a Federal Law
It’s hard to imagine just how dramatically the crypto landscape will shift now that such a fundamental set of pro-crypto regulations is in place, and this is likely not the last one. Market liquidity, new DeFi earning and investing mechanics, and more blockchain-based products are all on the horizon. Stay tuned to keep up with the latest updates.
