On July 18, 2025, President Donald Trump signed the GENIUS Act into law, marking a significant milestone for the U.S. cryptocurrency industry. This bipartisan legislation establishes a formal regulatory framework for stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar—aiming to enhance their legitimacy and trustworthiness.
The GENIUS Act 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. This requirement is expected to boost consumer and institutional adoption, drive demand for U.S. Treasuries, and reinforce the dollar’s global dominance. President Trump emphasized that this move aligns with his vision to make the U.S. the “crypto capital of the world.”
The legislation 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 Trump and his family hold stakes in crypto company World Liberty Financial. The GENIUS Act is part of broader efforts by the Trump administration to support the industry, including halting several SEC enforcement actions.
Financial institutions like JPMorgan, Citigroup, and Bank of America have signaled readiness to issue stablecoins once legislation is finalized. Critics, including Senator Elizabeth Warren, warn that the move may pose systemic financial risks and concentrate power in a few firms. Previously ongoing lawsuits against crypto firms under the Biden administration have been dropped under Trump’s leadership.
The global cryptocurrency market has reached a valuation of $4 trillion, driven by investor optimism following major U.S. legislation supporting digital assets. Bitcoin hit a new high above $123,000, and other tokens like ether and Solana's sol also surged. This marks a dramatic rebound from the crypto market's 2022 collapse, which saw its value dip to $800 billion after the FTX exchange failure.
Standard Chartered has become the first major global bank to offer direct spot cryptocurrency trading services, beginning with bitcoin and ether paired against the US dollar. Targeted at institutional clients such as corporates, asset managers, and investors, the service launched on July 15, 2025, and will soon include non-deliverable forwards. This move reflects the growing integration of cryptocurrencies into mainstream finance and the increasing demand among traditional financial institutions for crypto-related services.
These developments underscore the rapid evolution of the cryptocurrency landscape in the United States, with significant legislative actions and institutional adoption paving the way for broader acceptance and integration of digital assets into the financial mainstream.
