Jean Luc and Peter Mingils talk about Banking rules and Cryptocurrency Laws just passed.
These weekly episodes can be heard on The Youmongus Radio Network too! Peter Mingils and Jean Luc have enjoyed 437 radio shows on the Building Fortunes Radio network.
The Dawn of a New Crypto Era: Trump’s GENIUS Act and Beyond. In July 2025, the United States marked a historic milestone in cryptocurrency regulation with the passage of the GENIUS Act, signed into law by President Donald Trump on July 18. This landmark legislation, officially titled the “Guiding and Establishing National Innovation for U.S. Stablecoins,” represents the first major federal framework for regulating stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar to minimize price volatility. The signing, celebrated as a triumph for the crypto industry, signals a dramatic shift from the Biden administration’s enforcement-heavy approach to a more innovation-friendly stance, fulfilling Trump’s campaign promise to make America the “crypto capital of the world.”[](https://abcnews.go.com/Politics/trump-sign-1st-major-federal-cryptocurrency-bill-law/story?id=123862419)[](https://apnews.com/article/donald-trump-stablecoins-congress-cryptocurrency-94fa3c85e32ec6fd5a55576cf46e58ea) The GENIUS Act, passed with strong bipartisan support (308-122 in the House and a Senate majority), establishes clear guardrails for stablecoin issuers. It mandates full reserves, monthly audits, and dual supervision by federal and state regulators, ensuring consumer protections while fostering trust in digital assets. Stablecoins, viewed as a safer crypto variant due to their 1:1 dollar backing, are poised to revolutionize commerce by enabling instant, low-cost global transactions. Industry leaders like Coinbase CEO Brian Armstrong and Circle’s Jeremy Allaire hailed the law as a step toward mainstream adoption, potentially reducing reliance on costly intermediaries like credit card companies.[](https://www.reuters.com/legal/government/trump-signs-stablecoin-law-crypto-industry-aims-mainstream-adoption-2025-07-18/) This legislation is part of a broader “Crypto Week” in Congress, where two additional bills advanced. The Clarity Act, which defines whether crypto assets are securities or commodities, passed the House (294-134) and awaits Senate approval. It shifts oversight from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC), perceived as more crypto-friendly, addressing long-standing industry complaints about regulatory ambiguity. The third bill, banning central bank digital currencies (CBDCs), reflects Trump’s opposition to government-issued digital currencies, citing privacy concerns. This ban, also pending Senate approval, aligns with his January 23, 2025, executive order prohibiting federal agencies from developing CBDCs.[](https://www.nytimes.com/2025/07/17/us/politics/crypto-regulation-bills-explainer.html)[](https://www.reuters.com/legal/government/us-house-passes-stablecoin-legislation-sending-bill-trump-2025-07-17/) Trump’s pro-crypto pivot, a stark contrast to his earlier skepticism, is backed by significant industry influence. The crypto sector spent over $245 million on pro-crypto candidates in 2024 elections, including Trump, whose family holds stakes in World Liberty Financial, a stablecoin issuer. Critics, like Rep. Maxine Waters, argue the GENIUS Act lacks robust oversight and could benefit Trump’s ventures, despite a provision barring Congress members and their families from profiting off stablecoins (notably excluding the president). Concerns persist about financial risks and the potential for major corporations to dominate the stablecoin market.[](https://abcnews.go.com/Politics/trump-sign-1st-major-federal-cryptocurrency-bill-law/story?id=123862419)[](https://www.pbs.org/newshour/politics/watch-live-trump-signs-law-creating-regulations-for-dollar-linked-stablecoin-cryptocurrencies) Beyond legislation, Trump’s administration has taken swift action. A January 23 executive order established a Working Group on Digital Asset Markets, chaired by crypto advocate David Sacks, to draft new regulations and explore a national crypto reserve. The SEC, under new leadership, dropped several Biden-era enforcement actions and formed a Crypto Task Force to clarify regulations. These moves, coupled with a strategic Bitcoin reserve created in June, underscore Trump’s vision for U.S. dominance in digital finance.[](https://www.reuters.com/business/finance/trump-signs-order-create-cryptocurrency-working-group-2025-01-23/)[](https://www.dechert.com/knowledge/onpoint/2025/1/three-significant-u-s–crypto-regulatory-developments-in-the-fir.html)[](https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/) While the GENIUS Act and related policies mark a crypto-friendly era, challenges remain. State regulations, like New York’s BitLicense, and ongoing fraud risks require careful navigation. As the U.S. embraces digital assets, balancing innovation with consumer protection will define the success of this transformative moment.[](https://www.pillsburylaw.com/en/news-and-insights/cryptocurrency-digital-assets-trump.html)
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