On July 18, 2025, President Donald Trump signed the GENIUS Act into law, establishing a formal regulatory framework for stablecoins—cryptocurrencies pegged to the U.S. dollar. This bipartisan legislation mandates that stablecoins be fully backed by liquid assets such as U.S. dollars and short-term Treasury bills, with monthly public disclosures of their reserves. The move aims to enhance the legitimacy and trustworthiness of stablecoins, potentially boosting consumer and institutional adoption.
The GENIUS Act also prohibits members of Congress and their families from profiting from stablecoins, though this restriction does not apply to the president. This exemption is notable, as President Trump and his family hold stakes in crypto company World Liberty Financial. The legislation is part of broader efforts by the Trump administration to support the cryptocurrency industry, including halting several SEC enforcement actions.
In a significant development for the $9 trillion U.S. retirement market, Congress has paved the way for cryptocurrencies to be included in 401 retirement plans. The GENIUS Act, along with the CLARITY Act—which regulates token markets—and a measure addressing Central Bank Digital Currencies , marks a substantial shift in retirement savings options. This change could allow consumers to invest in digital assets within their retirement portfolios, offering new avenues for growth.
Standard Chartered has become the first major global bank to offer direct spot cryptocurrency trading services, beginning with Bitcoin and Ethereum paired against the U.S. dollar. Launched on July 15, 2025, the service is targeted at institutional clients such as corporates, asset managers, and investors. This move reflects the growing integration of cryptocurrencies into mainstream finance and the increasing demand among traditional financial institutions for crypto-related services.
The GENIUS Act and related legislation signify a pivotal moment in the U.S. government's approach to cryptocurrencies. By establishing clear regulatory frameworks and integrating digital assets into traditional financial systems, the administration aims to position the U.S. as a global leader in the crypto space. While these developments present new opportunities, they also raise questions about consumer protection, market stability, and the broader implications of digital asset integration into mainstream finance.
