Update (July 18 at 5:08 pm UTC): This article has been updated to include more information on Circles attendance at the signing ceremony, scheduled for 6:30 pm UTC.Update (July 18 at 5:33 pm UTC): This article has been updated to include a statement from Sergey Nazarov.Several high-profile figures in the crypto and blockchain industry have announced that they plan to be by US President Donald Trumps side when he signs a stablecoin bill into law on Friday.After delays that looked like they could derail votes on the bills this week, members of the US House of Representatives passed three pieces of crypto legislation on Thursday: the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act.
The GENIUS Act is scheduled to be signed into law at 6:30 pm UTC in a ceremony expected to include Trumps crypto supporters.In notices shared on social media or with Cointelegraph, Ripple Chief Legal Officer Stu Alderoty, Circle CEO Jeremy Allaire, Chainlink Labs co-founder Sergey Nazarov, Anchorage Digital CEO Nathan McCauley, and Multicoin Capital Managing Partner Kyle Samani said they would attend the GENIUS Act signing event on Friday.
The event is expected to include other crypto executives friendly with the administration, possibly those with World Liberty Financial, the Trump family-backed business that issued its own stablecoin under scrutiny from lawmakers.The stablecoin bill is expected to go into effect in 18 months or 120 days after the US Treasury and Federal Reserve finalize regulations, likely after the US holds its midterm elections and halfway through Trumps term.
The timing suggested that any effects from the bill, positive or negative, would be less likely to be used as a campaign issue for 2026 candidates.Related: GENIUS Act heads to Trumps desk: Heres what will changeThe GENIUS Act is a huge step forward for stablecoins, forming the basis of on-chain payments for retail users in both highly developed and emerging markets, said Nazarov in a Friday X post.
With even more fiat value now going on-chain, we are now off to the next stage of our industrys development, a Real World Asset (RWA) Tokenization boom phase.McCauley, Nazarov, and Samani all met with Trump and White House officials during a March crypto summit, suggesting support for the administrations policies on digital assets.
Cointelegraph reached out to representatives from Tether, Binance, Kraken, Gemini and World Liberty Financial regarding their potential appearance at the signing event, but had not received responses at the time of publication.The GENIUS Act is heading to Trumps desk because it was passed in June by the US Senate before Thursdays House vote, giving both chambers of Congress time to consider amendments before voting on the bill.
However, the CLARITY Act and Anti-CBDC Surveillance State Act were introduced in the House, meaning that both bills have to go through the Senate before being signed into law.Several House Democrats raised objections during the debate over the three bills on Thursday, including claims that Trump would personally benefit from their passage due to his investments in World Liberty Financial and his own memecoin.
Some cryptocurrency executives who supported Trumps 2024 presidential campaign, such as Gemini co-founder Tyler Winklevoss, lauded the passage of the GENIUS Act on social media.Votes on the CLARTY and CBDC bills in the House suggested that the Republican-led bills could face similar challenges from Senate Democrats.
More than 70 Democrats sided with Republicans to pass the CLARITY Act, but only two voted yay on the anti-CBDC bill, which largely passed along party lines.Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?