Trump: ‘We Fired Joe Biden’s SEC Chair Gary Gensler — We Fired Him’
President Donald Trump enacted the GENIUS Act, with the intention of reinforcing American dominance in the realms of global banking and cryptocurrency technologies.
During an event, Trump expressed gratitude to various political and corporate figures for their roles in facilitating the bill’s approval and the broader governmental initiatives. This signing marked a notable victory for the Bitcoin sector, which has faced skepticism in the past.
Trump highlighted that this action represented a significant shift in policy compared to the previous administration of President Joe Biden, and he pointed out that former SEC Chair Gary Gensler was dismissed to foster a more conducive regulatory environment for cryptocurrency.
“I recall, I did this and I stated this, and I referenced this individual, and I received the loudest applause of the entire campaign. We terminated Joe Biden’s SEC Chair Gary Gensler. We terminated him. (applause) However, I remember, I was delivering this speech and, you know, it was merely a line in the speech. And I mentioned, and I will dismiss Gary Gensler — the audience erupted,” Trump remarked.
“I stated — I concluded, I asked, what on earth did that individual accomplish? There was — there was a significant amount of animosity there, I can assure you. And it became clear, as I became more acquainted with everything, it became evident that you were entirely correct,” he continued.
“This represents a significant achievement. It introduces, for the first time, a regulatory framework for stablecoins, which are rapidly evolving financial products and industries,” remarked Andrew Olmem, a managing partner at the law firm Mayer Brown and the former deputy director of the National Economic Council during Trump’s initial term.
Crypto traders often make use of stablecoins, a type of cryptocurrency designed to maintain a consistent value, usually pegged at a 1:1 ratio with the dollar, to facilitate the transfer of funds between tokens. Advocates of stablecoins argue that they can enable instant payments and have experienced a notable rise in adoption in recent years.
Should the stablecoin bill be enacted into law, it would require that tokens be supported by liquid assets, such as short-term Treasury bills and US dollars, and that issuers disclose the composition of their reserves to the public on a monthly basis.
The cryptocurrency industry has long urged lawmakers to implement regulations governing digital assets, asserting that a clearly defined framework could promote the broader adoption of stablecoins. The sector has sought to frame the issue as bipartisan, investing over $119 million in backing pro-crypto congressional candidates during the previous year’s elections.
Last year, the House approved a stablecoin proposal, but the Senate, which was then under Democratic control, did not address it, resulting in its failure.
After pursuing cryptocurrency revenue during his presidential campaign, Trump has sought to significantly reform U.S. cryptocurrency regulations.
Bo Hines, the leader of Trump’s Council of Advisers on Digital Assets, indicated that the White House intends to pass a stablecoin bill by August.
Trump highlighted that during the 2024 campaign, he became the first presidential candidate in history to address the Bitcoin Conference.
“During that period, crypto builders and founders faced unyielding opposition from the Biden administration, which aimed to undermine your industry. … and I received the loudest applause of the entire campaign. We dismissed Joe Biden’s SEC chair, Gary Gensler. We dismissed him,” he remarked to the enthusiastic crowd in the East Room.
Robinhood CEO Vlad Tenev, present at the event, expressed his admiration for the swift collaboration between the administration and Congress.
“This involves a significant amount of legislation, and it is intricate; the partnership and cooperation with the industry have also been notably robust,” Tenev stated to the Washington Times.
“I understand that many individuals debate certain specifics, and there are always aspects that could be enhanced, but I believe it has been remarkably strong,” he added. “This marks an excellent beginning for positioning the US as the global leader in digital assets.”
Other prominent figures from the tech industry at the event included Dave Ripley of Kraken, Brian Armstrong of Coinbase, Paolo Ardoino of Tether, Jeremy Allaire of Circle, along with Cameron and Tyler Winklevoss of Gemini Exchange.