Tether, Circle, Coinbase & Chainlink: Who Was With Trump as the GENIUS Act Became Law AllinCrypto July 19, 2025
In a precedent-setting moment for the evolution of the cryptocurrency landscape, Donald J. Trump (former President of the United States) has signed the GENIUS Act into law—creating the first definitive legal framework for stablecoins in the U.S.
While the signing ceremony was flashy with confetti and theatrics what stood out most was the star-studded attendance:
Paolo Ardoino (Tether), Jeremy Allaire (Circle), Brian Armstrong (Coinbase), Sergey Nazarov (Chainlink), and the Winklevoss twins (Gemini) were all present.
This marks the first major crypto legislation enacted under Trump’s current term and signals a serious commitment to blockchain innovation—all while reinforcing the U.S. dollar’s dominance in the digital age.
What Is the GENIUS Act?
The GENIUS Act (Guidelines for Enhanced National Infrastructure for United Stablecoins) establishes a comprehensive federal framework for the issuance, regulation, and oversight of stablecoins.
Its objectives:
- Protect consumers
- Ensure financial transparency
- Integrate stablecoins into the existing U.S. monetary system
“Strategic objectives aim to ensure the continued global supremacy of the U.S. dollar in the digital age,” said Scott Bessent, U.S. Treasury advisor.
Who Attended the Signing Ceremony?
The event was a who’s who of crypto royalty:
- Paolo Ardoino, CEO of Tether
- Jeremy Allaire, CEO of Circle
- Brian Armstrong, CEO of Coinbase
- Sergey Nazarov, Co-founder of Chainlink
- Cameron and Tyler Winklevoss, Founders of Gemini
Their presence underscored stablecoins’ new role as a core pillar of U.S. financial strategy.
The Political Context
The bill passed with bipartisan support, despite opposition from 110 Democrats.
Notably, 12 Republican “rebels” attempted to add an anti-CBDC clause, citing concerns over a future Federal Reserve–issued digital dollar. The clause was ultimately excluded.
Regardless, the GENIUS Act is widely viewed as a political win for Trump, solidifying his position as the pro-crypto candidate in a growing digital dollar era.
Key Requirements for Stablecoin Issuers
The GENIUS Act introduces several operational obligations:
| Requirement | Details |
|---|---|
| Reserves | Must be held in U.S. Treasuries, cash, or cash-equivalent instruments |
| Registration | Issuer must be U.S.-registered or hold an exemption |
| Monthly Audits | Independent third-party audits of reserves required and published monthly |
| Consumer Protections | Stablecoin holders gain priority over general creditors |
| AML Compliance | Full adherence to the Bank Secrecy Act and KYC rules |
| Freeze Functionality | Issuers must have the ability to freeze funds upon lawful request |
What’s Next for Tether, Circle & U.S. Banks?
Tether, not currently a U.S.-based entity, now faces two clear options:
- Launch a U.S.-compliant version of USDT
- Modify its reserve structure and operational presence in the U.S.
Circle, already compliant with U.S. regulations, is expected to scale operations under the new framework.
Meanwhile, traditional banks such as Citi and JPMorgan have signaled interest in launching their own stablecoins—something now made far more feasible with a regulatory green light.
This shift opens the door for traditional finance to compete in a market previously dominated by crypto-native firms.
Why It Matters?
The GENIUS Act marks a paradigm shift in how the U.S. approaches digital finance. Stablecoins are no longer in regulatory limbo—they are now a formalized part of the financial infrastructure of the world’s largest economy.
“Crypto—especially stablecoins—will help the U.S. maintain its lead in financial innovation and keep the dollar strong. This is only the beginning,” Trump said at the event.
Final Thoughts
The GENIUS Act may well usher in a crypto-first financial renaissance in the U.S. With clear rules now in place, we can expect:
- Greater institutional adoption
- Enhanced regulatory clarity
- Reinforced dominance of the U.S. dollar in digital markets
This is not just a regulatory shift it’s a signal that America intends to lead in the digital currency race.
The post Tether, Circle, Coinbase & Chainlink: Who Was With Trump as the GENIUS Act Became Law first appeared on AllinCrypto.
