Trump signs new stablecoin regulations into law, a major milestone for crypto industry

WASHINGTON (AP) — President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might.

The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency. It passed both the House and Senate with wide bipartisan margins.

The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the “crypto capital of the world.”

“For years you were mocked and dismissed and counted out," Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. “This signing is a massive validation of your hard work and your pioneering spirit.”

The crypto industry has long complained it was unfairly targeted by former President Joe Biden's administration and spent heavily to help Trump win last year's election.

The president lavished praise on crypto leaders during his speech Friday, saying “nobody has gained the respect in such a short period of time.”

Trump said helping the cryptocurrency industry was “good for the dollar and it’s good for the country.”

“That’s why I backed you at an early stage,” said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securities and Exchange Commission dropping several enforcement actions against large crypto companies.

Trump then added a candid admission about the political calculus of his support for the crypto industry: “And I also did it for the votes,” he said, drawing laughter from the audience.

The president also joked that lawmakers had named the GENIUS Act after him. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.”

The use of stablecoins has grown dramatically in recent years. Circle, the U.S.-based issuer of one of the most popular cryptocurrencies, made its debut on the New York Stock Exchange earlier this year and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors. Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins.

A provision in the GENIUS Act bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund in the United Arab Emirates.

The House also passed two other bills Thursday that are meant to help the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.

President Donald Trump speaks during a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa in the Oval Office of the White House, Wednesday, July 16, 2025, in Washington. (AP Photo/Alex Brandon)

President Donald Trump signs the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, in the East Room of the White House, Friday, July 18, 2025, in Washington. (AP Photo/Evan Vucci)

White House AI and crypto czar David Sacks speaks as President Donald Trump listens at an event for the signing of the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, in the East Room of the White House, Friday, July 18, 2025, in Washington. (AP Photo/Alex Brandon)

President Donald Trump holds up the GENIUS Act, a bill that regulates stablecoins, a type of cryptocurrency, after he signs the bill in the East Room of the White House, Friday, July 18, 2025, in Washington. (AP Photo/Alex Brandon)

President Donald Trump speaks during a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa in the Oval Office of the White House, Wednesday, July 16, 2025, in Washington. (AP Photo/Alex Brandon)

ST. LOUIS (AP) — World champions Ilia Malinin and the ice dance duo of Madison Chock and Evan Bates will anchor one of the strongest U.S. Figure Skating teams in history when they head to Italy for the Milan Cortina Olympics in less than a month.

Malinin, fresh off his fourth straight national title, will be the prohibitive favorite to follow in the footsteps of Nathan Chen by delivering another men's gold medal for the American squad when he steps on the ice at the Milano Ice Skating Arena.

Chock and Bates, who won their record-setting seventh U.S. title Saturday night, also will be among the Olympic favorites, as will world champion Alysa Liu and women's teammate Amber Glenn, fresh off her third consecutive national title.

U.S. Figure Skating announced its full squad of 16 athletes for the Winter Games during a made-for-TV celebration Sunday.

"I'm just so excited for the Olympic spirit, the Olympic environment," Malinin said. “Hopefully go for that Olympic gold.”

Malinin will be joined on the men's side by Andrew Torgashev, the all-or-nothing 24-year-old from Coral Springs, Florida, and Maxim Naumov, the 24-year-old from Simsbury, Connecticut, who fulfilled the hopes of his late parents by making the Olympic team.

Vadim Naumov and Evgenia Shishkova were returning from a talent camp in Kansas when their American Airlines flight collided with a military helicopter and crashed into the icy Potomac River in January 2025. One of the last conversations they had with their son was about what it would take for him to follow in their footsteps by becoming an Olympian.

“We absolutely did it,” Naumov said. “Every day, year after year, we talked about the Olympics. It means so much in our family. It's what I've been thinking about since I was 5 years old, before I even know what to think. I can't put this into words.”

Chock and Bates helped the Americans win team gold at the Beijing Games four years ago, but they finished fourth — one spot out of the medals — in the ice dance competition. They have hardly finished anywhere but first in the years since, winning three consecutive world championships and the gold medal at three straight Grand Prix Finals.

U.S. silver medalists Emilea Zingas and Vadym Kolesnik also made the dance team, as did the Canadian-born Christina Carreira, who became eligible for the Olympics in November when her American citizenship came through, and Anthony Ponomarenko.

Liu was picked for her second Olympic team after briefly retiring following the Beijing Games. She had been burned out by years of practice and competing, but stepping away seemed to rejuvenate the 20-year-old from Clovis, California, and she returned to win the first world title by an American since Kimmie Meissner stood atop the podium two decades ago.

Now, the avant-garde Liu will be trying to help the U.S. win its first women's medal since Sasha Cohen in Turin in 2006, and perhaps the first gold medal since Sarah Hughes triumphed four years earlier at the Salt Lake City Games.

Her biggest competition, besides a powerful Japanese contingent, could come from her own teammates: Glenn, a first-time Olympian, has been nearly unbeatable the past two years, while 18-year-old Isabeau Levito is a former world silver medalist.

"This was my goal and my dream and it just feels so special that it came true,” said Levito, whose mother is originally from Milan.

The two pairs spots went to Ellie Kam and Danny O'Shea, the U.S. silver medalists, and the team of Emily Chan and Spencer Howe.

The top American pairs team, two-time reigning U.S. champions Alisa Efimova and Misha Mitrofanov, were hoping that the Finnish-born Efimova would get her citizenship approved in time to compete in Italy. But despite efforts by the Skating Club of Boston, where they train, and the help of their U.S. senators, she did not receive her passport by the selection deadline.

“The importance and magnitude of selecting an Olympic team is one of the most important milestones in an athlete's life,” U.S. Figure Skating CEO Matt Farrell said, "and it has such an impact, and while there are sometimes rules, there is also a human element to this that we really have to take into account as we make decisions and what's best going forward from a selection process.

“Sometimes these aren't easy," Farrell said, “and this is not the fun part.”

The fun is just beginning, though, for the 16 athletes picked for the powerful American team.

AP Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics

Amber Glenn competes during the women's free skating competition at the U.S. Figure Skating Championships, Friday, Jan. 9, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)

Alysa Liu skates during the "Making Team USA" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)

Maxim Naumov skates during the "Making Team USA" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)

Madison Chock and Evan Bates skate during the "Making the Team" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)

Gold medalist Ilia Malinin arrives for the metal ceremony after the men's free skate competition at the U.S. Figure Skating Championships, Saturday, Jan. 10, 2026, in St. Louis. (AP Photo/Jeff Roberson)