On Friday, President Donald Trump signed the GENIUS Act, a groundbreaking bill aimed at regulating stablecoins, a type of cryptocurrency linked to assets like the U.S. dollar. The GENIUS Act marks the first major U.S. legislation focused specifically on this digital financial sector.
The law is designed to provide consumer protections and regulatory guardrails for stablecoin issuers and users, aiming to bring structure and safety to an industry that has operated largely in a gray area. The moment, while historically significant for crypto regulation, quickly became overshadowed by Trump’s characteristic attempt to redirect attention toward himself.
Bipartisan Support Secures GENIUS Act as Trump Claims Credit Amid Mixed Reactions
The GENIUS Act passed the House with bipartisan backing, after previously clearing the Senate in June. Over 100 Democrats, including Minority Leader Hakeem Jeffries, joined most Republicans in voting for the bill. Its journey, however, wasn’t without drama.
A group of far-right Republican members initially resisted the legislation but eventually shifted their positions after discussions with President Trump and House Speaker Mike Johnson. Their reversal helped push the bill through, allowing Trump to take credit for the victory in a ceremonial signing attended by lawmakers from both chambers.
During the signing ceremony in the East Room of the White House, Trump claimed credit for the legislation’s passage and made light-hearted remarks, joking that the GENIUS Act was named after him. His comment — “This is a hell of an act” — drew laughter from the room, but also criticism online.
Trump’s tendency to make events about himself was on full display, and his self-congratulatory tone, though humorous to some, was seen by others as narcissistic. This reaction was particularly evident across social media platforms.
Online Backlash as Trump Faces Mockery While Embracing Digital Currency Industry Growth
Trump’s remarks were met with a wave of criticism online. Users mocked his statement and personality, with some using past photos of him to ridicule his self-proclaimed genius status. Social media was flooded with sarcastic posts, emojis, and jabs at his intelligence and character.
Critics pointed to his ongoing controversies, including allegations related to the Epstein scandal, as reasons why his self-praise rang hollow. Many found his declaration of genius tone-deaf and out of touch with the broader implications of the bill and his political challenges.
Despite once expressing skepticism about digital currencies, Trump has recently embraced the crypto world. Earlier this year, he launched his own meme coin and hosted a private dinner with its top investors at his Virginia golf club.
Though the administration was criticized for lacking transparency about the guest list, Trump remained unapologetic and enthusiastic. He declared crypto a powerful industry that the U.S. must lead, citing it as a defense against China’s dominance. His support for the sector seems both ideological and political, as he admitted jokingly that part of his motivation was “for the votes.”
