President Trump Signs Stable Coin Legislation
After our regularly-scheduled podcast with Senator Kendal Sacchieri, Michael and I talked about one of his favorite topics – cryptocurrency. Specifically what’s been going on in Congress with cryptocurrency legislation. (Find the video here on our YouTube channel)
July 18th, 2025, President Trump signed the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act.
The press release from the White House on that day says it will do five things:
- MAKE AMERICA THE LEADER IN DIGITAL ASSETS
- PROTECT CONSUMERS IN THE DIGITAL MARKET
- ENSURE U.S. DOLLAR GLOBAL RESERVE CURRENCY STATUS
- COMBAT ILLICIT ACTIVITY IN DIGITAL ASSETS
- DELIVER ON PROMISE TO MAKE AMERICA THE CRYPTO CAPITAL OF THE WORLD
Unfortunately, I’m no expert on digital coins. Michael is a BitCoin guy and knows quite a bit about the market, but I don’t. Consequently, you’ll see in our video that I’m wearing an expression much like that the audience noticed on our podcast with Dr. Eric Snyder – extreme concentration with a side of bewilderment.
I have, however, done some due diligence to add to our podcast, researching a bit as a follow up.
Back in January of this year, President Trump signed an Executive Order to ban CBDCs (Central Bank Digital Currency). “This EO officially banned the creation and issuance of a central bank digital currency (CBDC) in the United States, defining a CBDC as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.”
It also created a “presidential working group to create a federal regulatory framework governing digital assets (including stablecoins), and evaluate the creation of a strategic national digital assets stockpile.”
Because an EO can’t become law, that January, the GENIUS Act was created. In GENIUS Act May Take Over SEC’s Power On Digital Assets: What It Means For Finance, FORBE’S author Zhang defines some terms and fleshes out why the GENIUS Act is important – mainly because of the shift in economic thought and action to the digital realm from a solely Fed-guided policy.
Here’s where it gets tricky. As you can see in the video, Michael plays a video of President Trump literally hawking a stable coin from World Liberty Financial – a company in which President Trump has a financial interest. In fact, just this year – in April – President Trump hosted a special dinner for investors in his meme coin (stable coin).
In this X Post from an account called Finance Bro, we can see Donald Jr explaining that we need to have cryptocurrencies in order to stop the financial logjams created by banks. Essentially arguing that banks are old school and cryptocurrency is fast and easy and so much easier to use than banks.
July 17th, the House not only passed the GENIUS Act, in a 308-222 vote, it also passed The Digital Asset Market Clarity Act of 2025 in a 294-134 vote and the Anti-Central Bank Digital Currency (CBDC) Act in a 219-210 vote. While the GENIUS Act went on to receive the President’s signature, the Digital Asset Market Clarity Act must be passed by the Senate and signed into law by the President.
During the vote on the GENIUS Act, a group of conservative Republicans including Chip Roy and Margery Taylor Green, refused to vote for the bill saying that it did not protect the American people from a government cryptocurrency. In fact, the vote was held open the longest of any vote – 8 hours – in order to get the hold outs to come to some consensus.
Of course, it’s long been an argument of conservatives that a government cryptocurrency would be tantamount to a national digital currency. Thanks to the Patriot Act and its requirements to protect Americans from ‘terrorism’, any government digital currency would essentially track every transaction made by an individual in their account, giving government unprecedented surveillance over the assets of individual citizens. Not only that, but without an option of cash – which is essentially surveillanceless – there were would be no way to privately conduct a financial transaction. This is a huge problem for a people living under the Constitution, but what do I know? I’m just a poor citizen who wants the government out of my business.
And so, President Trump struck a deal with the Conservative holdouts that the Anti-CBDC Act would be attached to the National Defense Authorization Act, which has to pass to fund the Defense Department. Still and all, however, the NDAA hasn’t been heard by either the House or Senate. It’s currently in its markup period, during which things get added and things get taken away. Not only that, but during the voting process there are always amendments to the bill either adding or removing existing text. Consequently, there are decent chances that the Anti CBDC legislation WON’T make it to Trump’s desk. This is frightening, frankly.
Certainly, all of this is concerning. And certainly, with what we’ve all been through during the Biden Administration’s crackdown on everything individual liberty, it’s easy to feel as though we’re getting screwed again here. Additionally – even though the President’s people have said that none of this is conflict of interest because his children handle his estate (yes, that’s what was said) – it’s pretty galling that no one in the Republican party is calling this out. It has a HORRIBLE look and if this were Biden or Obama doing this, everyone I know in the Trump camp would be having a sheer meltdown over it. I’m not okay with that. I HATE HYPOCRISY and this is textbook hypocrisy.
In the end, I think we’re just going to have to watch and wait, but we’re going to have to PAY ATTENTION to what’s actually going on and not what we’re being told. And learn about cryptocurrencies because we must – knowledge is power!