In a landmark victory for the crypto industry, President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for a type of digital currency known as stablecoins.

The GENIUS Act creates rules for entities that issue stablecoins, whose value is tied to an asset like the US dollar. Those rules govern who’s allowed to issue stablecoins, how they need to maintain reserves, what happens in the case of bankruptcy, and an obligation to prevent money laundering. 

Trump congratulated members of the crypto industry who attended the signing ceremony at the White House, including the CEOs of Coinbase and Tether. He drew a stark contrast between the Biden administration, which he called “a vicious group of people” who were “trying to crush your industry,” and himself. “I got you guys out of so much trouble,” Trump said.

“The entire crypto community, for years, you were mocked and dismissed and counted out,” Trump said. “But this signing is a massive validation of your hard work and your pioneering spirit.” He added that he chose to back crypto “at an early stage” because it will make the US dollar stronger. “And I also did it for the votes,” he said to a round of laughter from the audience, “because you did come out and vote.”

The bill passed through both chambers of Congress with bipartisan support, with backers saying it creates necessary safeguards for the industry and keeps the US competitive in the space. But it also saw opposition from other members on both sides. Sen. Josh Hawley (R-MO) criticized the bill as “a huge giveaway to Big Tech,” citing concerns it would incentivize companies that issue stablecoins to collect more financial data on consumers. In a speech on the Senate floor, Senate Banking Committee Ranking Member Elizabeth Warren (D-MA), said that the bill “is riddled with loopholes and contains weak safeguards for consumers, national security, and financial stability.”

Warren and other Democrats have also warned that legitimizing the stablecoin industry through the legislation could bolster a potential avenue of corruption for Trump. Trump’s family is involved in crypto firm World Liberty Financial that launched its own stablecoin, USD1. The White House has said the venture creates no conflicts for the president as his assets are in a trust managed by his kids. 

“Through his crypto businesses, President Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions—perhaps billions—of dollars from foreign governments, from billionaires, and from large corporations,” Warren said. “This is the single greatest corruption scandal in American history and, by passing the GENIUS Act, the Senate is about to not only bless this corruption, but to actively facilitate its expansion.”

As Trump signed the GENIUS Act, he tried to steer attention to what he’s billed as “a big scandal” for his predecessor. “This is not an autopen, by the way.” Trump quipped.