However, as Congress moves on to debate a second bill that would create regulations around cryptocurrencies and exchanges, critics warn that the passage of stablecoin legislation

President Donald Trump signed the first federal bill to regulate stablecoins, hailing it as a “giant step to cement American dominance of global finance and crypto technology” and delivering a major victory for the digital asset industry.

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.