Trump’s Crypto Ties Spark Conflict of Interest Debate as Stablecoin Bill Advances

The first week of the "crypto week" has ended with President Trump signing the Guidign Establishing National Innovation for U.S Stablecoins (GENIUS) Act on Friday.

The signing ceremony was witnessed by many cryptocurrency company executives and high-ranking Republicans, including Vice President JD Vance and House Speaker Mike Johnson.

The president also acknowledges the support of several crypto figures in attendance, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Windlevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.

It was all smiles at the bill signing ceremony, with Trump cracking a joke that that the GENIUS Bill was named after himself. Trump also added

"The entire crypto community, for years , was mocked and dismissed and counted out. You were counted out as little as a year and a half ago-but this signing is a massive validation."

U.S Securities and Exchange Commission (SEC) Chair Paul Atkins also lauded the victory, saying

"Ensuring that the U.S is the best and most secure place in the world to invest and do business requires clear rules of the road that allow market participants to adopt emerging technologies with confidence."

Commissioner Hester Peirce, who also leads the SEC's crypto task force, also highlighted how the law meant payment stablecoins are not securities under the regulator's purview.

"The GENIUS Act, by putting a regulatory framework around them, aims to protect current and future users and the financial system."

But the Genius Act is the first of the three crypto bills Republicans are hoping to pass before the Congress goes on a break in August.

In addition to the stablecoin bill, the House passed the Digital Asset Market Clarify (CLARITY) and the Anti-CBDC Surveillance State Act with bipartisan support. Both bills will go to the Senate for consideration.