In a bold declaration of US financial supremacy, President Donald Trump on Friday issued a direct warning to the BRICS coalition while signing into law the GENIUS Act — a sweeping new legislation designed to regulate payment stablecoins and strengthen the global dominance of the US dollar.
Addressing reporters during the signing ceremony at the White House, Trump said, "There is a little group called BRICS, and it is fading out fast." He accused the bloc of attempting to challenge the dollar's global dominance. “BRICS tried to take over the dollar and the standard of the dollar,” Trump said. “I said that anybody in the BRICS consortium of nations — we are going to tariff you 10%. The next day, they had a meeting, and almost nobody showed up.”
He further warned, “If we lost the status of the dollar as the world’s reserve currency, it would be like losing a World War. And I won’t let that happen.”
GENIUS Act: America's new financial weapon
Formally titled the Guiding and Establishing National Innovation for US Stablecoins Act (S.1582), the GENIUS Act lays the groundwork for a regulated ecosystem of dollar-backed stablecoins in the United States. The law is aimed at propelling the country to the forefront of the digital currency revolution and cementing the U.S. dollar’s role in an increasingly blockchain-driven financial system.
“They named it after me,” Trump joked. “This is a hell of an act!”
Describing the law as a “giant step” toward reaffirming American dominance in global finance, Trump said the GENIUS Act could usher in “perhaps the greatest revolution in financial technology since the birth of the internet.”
A victory for the crypto community
Speaking directly to cryptocurrency innovators and investors, Trump acknowledged their perseverance. “For years, you were mocked, dismissed, and counted out. This is a massive validation of your hard work and pioneering spirit. Congratulations on this incredible achievement.”
The President reaffirmed his commitment to crypto innovation but drew a hard line against centralised government-issued digital currencies. “I remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency (CBDC) in America. It won’t happen,” he said.
US Dollar
U.S. Treasury Secretary Scott Bessent praised the legislation, stating, “Blockchain technologies will power the next generation of payments, and the U.S. dollar is coming onchain. Thanks to President Trump’s visionary leadership and Senator Bill Hagerty’s work in Congress, the GENIUS Act will help cement the U.S. dollar as the global reserve currency for generations to come.”
With global elections, geopolitical tensions, and alternative financial alliances like BRICS gaining traction, the GENIUS Act marks a decisive move to preserve the dollar’s supremacy. Backed by regulatory clarity and presidential resolve, the U.S. is making its intentions clear: in the era of digital finance, the dollar is here to stay — and lead.
