Trump Signs Stablecoin Bill, Tells Supporters: ‘I Got You Out of So Much Trouble’
People walk past an advertisement feature Donald Trump with Solana, XRP, USDC Bitcoin © May James/SOPA Images/LightRocket via Getty Images
In a move as ironic as it is telling, Trump—the self-proclaimed “very stable genius”—has officially enacted the GENIUS Act. This legislation lays out lenient, business-friendly regulations for stablecoins, a type of cryptocurrency tied to traditional assets like the U.S. dollar. At the bill’s signing ceremony, Trump didn’t hold back about his close ties to the crypto world, stating bluntly, “I got you guys out of so much trouble.” His remarks, delivered over the weekend, appeared oddly timely: just days later, Fortune reported that the Justice Department had dropped its investigation into Jesse Powell, founder of the crypto exchange Kraken. Powell had previously been under scrutiny following an FBI raid on his home, connected to accusations of hacking and cyberstalking a nonprofit arts organization. Now, with that case apparently shelved, Trump’s DOJ seems to have taken a clear hands-off approach.
This isn’t the first time Trump has taken a lenient stance toward controversial figures in crypto. Earlier this month, both the DOJ and the U.S. Commodity Futures Trading Commission ended their inquiries into Polymarket, a crypto betting platform accused of enabling illegal wagers by U.S. citizens. Not long after Trump assumed office, the SEC also hit pause on its legal actions against Chinese crypto tycoon Justin Sun, who had been under investigation for financial misconduct. That decision notably came on the heels of a $30 million donation from Sun to Trump’s meme-based cryptocurrency, $TRUMP. All of these events align with the Justice Department’s stated shift in enforcement priorities under Trump, which included a rollback on pursuing crypto-related criminal cases.
Trump’s candid comments during the GENIUS Act signing offered a clear window into the transactional nature of his relationship with the crypto sector. Not only did he admit to pulling regulatory and legal pressure off the industry, but he also outlined the basic quid pro quo: political support in exchange for favorable treatment.
“[Crypto] is good for the dollar, and it’s good for the country, and that’s why I backed you at an early stage,” Trump said. “I also did it for the votes, because you did come out and vote.” The arrangement is straightforward. The crypto industry funneled tens of millions into Trump’s campaign and inaugural festivities, and in return, he promoted a crypto-friendly agenda. Now, both sides are reaping the rewards—Trump included, as his children recently announced their own stablecoin, poised to benefit from the very regulations the GENIUS Act introduces.
